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Self-directed IRA: Polishing Your Golden Years

By Robin Kirk Subscribe to RSS | May 18th 2012 | Views:
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As a student, you might have been asked, “How do you see yourself 10 years from now?” You probably gave the ideal answer and got an A on your essay. As an employee, you might have been asked, “How do you see yourself 5 years from now?” You probably answered how you were going to be successful in the company and got the promotion you were aiming for. However, have you ever given thought to how you’re going to be 30 to 50 years from now?

Retirement is the time you have reached the limit of employment and need to stop working. You say goodbye to the company you served and people you worked with. In the U.S., the standard retirement age is at 65. Having a retirement plan is crucial for retirees, even for people who choose early retirements or semi-retirements due to personal reasons such as health problems. One of the most popular retirement plans is the Individual Retirement Arrangement (IRA).

What is an IRA?

An IRA is a retirement plan that has tax-deferred advantages where you can deposit hard-earned money in a yearly basis. However, withdrawals to the account can only be done beginning at the age of 59 ½. There are several types of IRA to choose from and one that allows you to have a trustee is the self-directed IRA.

Focusing on Self-Directed IRAs

Self-directed IRA Chicago financial advisors say is not for all because there are specific guidelines that must be met, like income brackets or whether you are part of a pension plan or not, before you can be qualified to apply for a self-directed IRA. This type of IRA is advantageous for people who don’t have a wide knowledge about profitable market investments, as your chosen trustee or custodian will handle things for you. The trustee is responsible for managing your assets and transactions, filing your IRS documents, and providing you with information regarding the limitations of your IRA.

Self-directed IRA Chicago retirement planners advise potential clients to try and understand policies, restrictions, and codes before opening an account. With a self-directed IRA, you may invest on bonds, stocks, and mutual funds. A fee is charged above trading costs for self-directed IRAs.

Self directed IRA chicago retirees, who want more involvement with their finances, hire a limited liability company (LLC) to secure their investments. LLCs guarantee that investors will not lose more than what they invested. Therefore, the investor will have less worries and responsibilities while their investment grows.

For more information on self-directed IRAs, visit ezinearticles.com/?Self-Directed-IRA-Advantages-and-Disadvantages&id=2018170.

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