In the world of self-directed IRA custodians and IRA administrators, what is the common thread? Well, if you said establishing self-directed IRA plans for its clients…give yourself a gold star! Whether these companies are establishing your IRA plan with or without checkbook control, they are still establishing a self-directed IRA. Are these plans of benefit to you, especially if you are wanting to invest your retirement assets into non-traditional investments? Well, most likely.
However, for today, we are going to do some cheerleading for really a better option for you. You have to qualify for this option but, if you do, in comparison, the IRA really does not hold a match to this other option. What is this other option?
A self-directed 401K plan. On other blogs I have gone into great detail about why a 401K plan is, in most circumstances, almost always better than any IRA. But, today, we are just cheering for the 401K. Take a look at it….get really familiar with it. Why? Because, if you do, you will never look at an IRA the same way again. Now, remember, you must qualify for the plan. With an individual plan you must be self-employed OR have a side business where you participate in self-employment activities and generate self-employment income. But, if you do qualify, you should strongly consider implementing such a plan.
As always, the information provided is intended to be both educational and informative in nature, and is not intended, nor should it be interpreted as, any form of tax, legal, financial or investment advice. You should always consult with your tax or legal professional in all matters.