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In a blog post last month, we spoke about what an IRA is. As a refresher, an IRA (as defined by the IRS) is a: “tax advantaged savings plan and that an IRA is a trust that is established in the US for the benefit of the account holder.” Well, a Roth IRA (largely in effect as a result of…read more →
Remember, to have a ROTH 401K, or any 401K for that matter, an individual must qualify as a self-employed individual (e.g., sole proprietor, incorporated with no employees). But, if you are one of the fortunate people who qualify for the 401K, you may wonder why you would ever consider an IRA as your sole retirement plan option, when compared to…read more →
Many a blogs and articles have been written from this author and others about the benefits associated with a self-directed IRA and 401K. So, that being said, why would this post/article even begin to state that establishing a self-directed IRA might be the worst mistake you ever made?! Why would the ability to self-direct one’s own retirement assets be a…read more →
I remember as a young man that my dad asked me if the family should buy a Pontiac TransAm…I was floored! To this day, many moons later, I can still see the 2″ X 2″ advertisement in the local paper showing “my” car on sale for $3,596 (yes, I still remember!!). Whether wishful thinking or just playing with his son,…read more →
Note from author: This blog will only identify certain benefits of a self-directed 401K vs. a self-directed IRA. Another blog post will identify additional benefits of the 401K over the IRA. In the blog post titled: “Can an IRA be Co-Jointly Owned (Remember the “I”)” (July 6, 2012), we spoke of Jim and Susie’s question about whether they could co-jointly…read more →
