Anyone I have spoken with who is interested in a self-directed IRA or 401(k), the question invariably comes up: do you qualify and are you eligible for a 401(k)? As you might imagine, just because the 401(k) plan may be viewed as more desired, one must qualify for the plan. I make this inquiry as a self-directed (or self-administered 401(k)) invariably should be a seriously-considered option for an individual who qualifies for this plan. There are many reasons for this inclusive, but not limited to, the following:
As those of you who have an IRA LLC already know, your IRA LLC account is most likely housed at your local bank. This is “just the way it is” as many financial service companies will not open an IRA LLC account as the member of the LLC is an IRA. As a result, the IRA account owner and LLC manager can only open the account with the path of least resistance (in most cases)…a bank And, you probably haven’t given it much thought….I mean you want to self-direct so a bank is fine for you and you like that feeling that your money is right down the street. While the account is sufficient for your needs, is it necessarily the best option? Have you considered:
BUT, what if you could:
With the aforementioned benefits of this “new” type of IRA LLC account, one should give serious consideration to moving that ole IRA LLC bank account to this new type of account structure….and, you can do it at no cost. Nothing else changes with the IRA LLC account or how you transact your investments, and you have so many more benefits.
Have questions? Want more information? Just call PGI. We have been exploring this option for some time in our attempts to create an IRA LLC platform that is more user-friendly to an IRA LLC account owner. This type of account can be established very quickly and can replace your current IRA LLC bank account OR compliment and, be in addition to, your current bank account (if you want both).
As always, the information provided is intended to be educational in nature. It is not intended, nor should it be interpreted as, any form of tax, legal, financial or investment advice. PGI does not offer such guidance and one should always consult with their respective professional in all such matters.