American IRA Discusses How to Select the Best Self-Directed IRA Plan
ASHEVILLE, NC / ACCESSWIRE / March 27, 2020 / How should investors choose a Self-Directed IRA plan? According to a recent post at American IRA, it requires a working knowledge of the account types involved-such as Traditional IRAs, Roth IRAs, and more-to make sense of it. That's why Self-Directed IRA recently released the post, detailing the specifics on these account types, and commenting on the types of investors for whom these accounts might best work.
The post looked at four account types in particular: The Traditional IRA, the Roth IRA, the SEP IRA, and the Solo 401(k). It did this from the perspective of self-directing each of these accounts. The post then broke down the individual quirks of these IRA accounts, detailing issues like contribution limits, tax benefits, and the deadlines at which investors might have to start taking required minimum distributions, or RMDs-when applicable.
At first glance, the concept behind these retirement accounts is simple: investors should stock away money in tax-protected accounts to maximize their retirement money. But depending on where an investor finds themselves in their retirement investing journey, it may make more sense to use one type of account over another. For instance, the post points out, SEP IRA and Solo 401(k) plans have very high contribution limits, which allow investors with a lot of disposable income to make use of that income and create rapid gains in their retirement accounts, even if they're starting later in life.
On the other hand, an account type like the Roth IRA allows investors to continue saving later in life, without requiring RMDs. That means that investors who anticipate having a high income and working late in their life may benefit from that account over a Solo 401(k) plan, for example.
For more information on the best accounts for Self-Direction available, visit American IRA by browsing to www.AmericanIRA.com. Interested parties may also contact the Self-Directed IRA administration firm at 866-7500-IRA.
American IRA, LLC was established in 2004 by Jim Hitt, CEO in Asheville, NC.
The mission of American IRA is to provide the highest level of customer service in the self-directed retirement industry. Jim Hitt and his team have grown the company to over $400 million in assets under administration by educating the public that their Self-Directed IRA account can invest in a variety of assets such as real estate, private lending, limited liability companies, precious metals and much more.
As a Self-Directed IRA administrator, they are a neutral third party. They do not make any recommendations to any person or entity associated with investments of any type (including financial representatives, investment promoters or companies, or employees, agents or representatives associated with these firms). They are not responsible for and are not bound by any statements, representations, warranties or agreements made by any such person or entity and do not provide any recommendation on the quality profitability or reputability of any investment, individual or company. The term "they" refers to American IRA, located in Asheville and Charlotte, NC and Atlanta, GA."
SOURCE: American IRA, LLC