A growing number of people who wish to take full control over their investments and who wish to have the most amount of flexibility possible are turning to a checkbook IRA for the solution. A retirement IRA with checkbook control is one that allows you to write checks for investments and also allows you to invest in vehicles such as real estate and gold.
However, IRAs are traditionally shrouded in a bit of mystery due in part to misinformation campaigns meant to confuse people, especially online. Because of that, there are many myths that go along with them. However, by separating fact from fiction you can better determine if this arrangement is right for your financial situation.
Perhaps the most common myth tossed about is that all IRA accounts are the same. This could not be further from the truth. A checkbook IRA a type of IRA that allows you to write checks for approved investments without having to request permission from the custodian. In addition, this financial arrangement allows you to invest in real estate, physical gold, silver and a variety of other tangible assets that you can’t invest in with a standard or ROTH account. Note: Both a standard or ROTH can be converted to a truly self-directed account. Call us today to learn more at 877-339-4559.
The notion that a standard or ROTH somehow safer that a checkbook IRA. IRAs as a whole are not investments, but rather tax shelters that allow you to invest your money as you plan for your retirement. In fact, no matter what type of IRA you have the safety of the money you have invested will depend solely on what you are invested in. Therefore, this is an investment risk factor and not an IRA factor.
You might hear you don’t need to have a checkbook IRA in order to buy gold and real estate as a standard or ROTH will let you buy either investment. This is also a myth that is easily debunked. While you can buy into real estate investment trusts (REITs) and gold stocks, your IRA with most traditional custodians will not allo w you to own physical property or precious metals. However, this special account offers you the flexibility to buy physical assets such as these.
You might hear a lot about checkbook IRAs. However, learning what is true and what is simply hearsay myths can help you ensure you are investing in your retirement exactly how you want to be and how you should be.
Complete the form in the upper right-hand corner to download the free e-book on what you need to know about opening an IRA LLC with checkbook control.