Checkbook IRAs: A Step-By-Step Guide to Getting Started

Is a checkbook Individual Retirement Account the way to go for you? Well, it all depends on your goals. A lot of people say they want full control over their retirement investing, but then you look at what type of retirement plans they have, you quickly  realize that they are nowhere close to full control. While standard IRAs and ROTH IRAs offer some level of flexibility, there are limitations as to what you can invest in.

A checkbook plan does offer you full control over your retirement investing and, as the name implies, it allows you to write checks for certain IRAs and approved investments. Among other investments that are commonly made through other IRAs, checkbook IRAs allows you to invest in such investment assets such as physical gold, real estate, and so much more, all with you in total control.

Steps to Getting Started

Like anything else, there are certain steps that should be followed if you wish to establish a checkbook Ira such as:

  1. Make the call: Determine if checkbook IRAs are right for you. Everyone’s situation is different, but if you want total control over your retirement investments, you will find it with checkbook IRAs. You can always seek the advice of a professional if you want to have all the pros and cons laid out for you.
  2. Find a service: If you decide that a checkbook retirement plan is what you are after then the next logical step if to find a checkbook account service that can help you establish your checkbook retirement program. This might be by way of a 401K rollover or it might be simply establishing a new checkbook individual retirement option with funds you have suiting dormant in a savings account.
  3. Know the rules: Once you establish your checkbook account, there will be certain rules and regulations that you must follow so you can enjoy the full benefits that the account offers. To be sure you are in full compliance, ask the checkbook IRAs service representative you chose to work with to explain all the various do’s and don’ts that come with owning checkbook IRAs.

All About the Service

The most important thing with establishing checkbook IRAs is the service you choose to help you establish it. There might be a good variety for you to choose from, but you need to be sure you are going with a company that has the knowledge and know how to help you set up your checkbook retirement vehicle and also help you with questions once your account open.

Click to find out more about how checkbook IRAs can work for your retirement plan.

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