American IRA Explains How to Choose the Right Self-Directed IRA Plan
ASHEVILLE, NC / ACCESSWIRE / August 5, 2020 / How can investors choose the right Self-Directed IRA plan for their needs? It is a difficult question. There are, after all, a multitude of different retirement accounts that investors can choose from, including Traditional IRAs, Roth IRAs, Solo 401(k) plans, SEP-IRAs, and SIMPLE IRAs. Making sense of these accounts-and their different advantages and disadvantages-can be overwhelming for many retirement investors, especially those considering Self-Direction.
Recently, American IRA-a Self-Directed IRA administration firm based in Asheville, NC-took to its blog to explain some of these key differences. In particular, it highlighted accounts like the Roth IRA, helping to distinguish a Roth from a Traditional IRA. For example, a Roth IRA currently has contribution limits of $6,000 after-tax contributions in 2020. That means that retirement investors would pay taxes on these contributions up front, and then be able to receive tax-free distributions upon retirement.
For other accounts, the post noted, retirement investors can use deductible contributions to their retirement to save money in the here and now. That money would then be taxed when distributed from the retirement account, upon retirement age. For many of these plans-such as a Solo 401(k) plan-investors would be able to contribute even larger amounts of money, which yields immediate tax savings in the present.
But in the context of self-direction-in which investors can make nontraditional retirement investments such as real estate, precious metals, private notes, and more-investors may have to rethink which accounts are best for them.
The article goes on to detail these accounts, their individual quirks, and how they differ from the other accounts on the list.
“There isn’t a one-size-fits-all retirement solution out there,” said Jim Hitt, CEO of American IRA. “People have different goals. That is one reason some people explore self-direction in the first place. So, with this article, we wanted to explain what the different accounts do and how they function.”
For more information about Self-Directed IRA plans, visit the post at www.AmericanIRA.com or call 866-7500-IRA.
About:
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
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https://www.accesswire.com/599635/American-IRA-Explains-How-to-Choose-the-Right-Self-Directed-IRA-Plan
