How Do Self-Directed IRAs Work?
You work all day, you manage your bank accounts, and it can be easy to overlook saving for retirement. Your focus might be in the present, not in the future, but it is extremely important to make sure that you will be comfortable and secure once you retire. One way to do this is to open an individual retirement account, otherwise referred to as an IRA.
So, how do self-directed IRAs work exactly? Although many people feel overwhelmed by even hearing the term IRA, the process is actually simpler than you might think. This is especially true when you find a company that offers self-directed IRA services, like American IRA. Once you understand this process, you can start building your retirement nest egg and enjoy watching it grow.
The first step you should take when answering the question, “how do self-directed IRAs work,” is to take an inventory of your assets. How much money do you have stashed away in savings accounts? Do you own any businesses or property? Knowing where you stand financially can help you make better decisions about which service is right for you.
Once you have your finances in order, the process of opening an IRA is simple:
- Open an Account: Speak with a professional at American IRA, who will help you get start by opening a new self-directed IRA account.
- Add Funds: You will need to transfer funds into your IRA before you can make investments. These funds can come from your bank accounts or can be rolled over from existing investments accounts.
- Choose Investments: This is the fun part! You get to decide which investments you want to make, which can include investing in stocks, mutual funds, real estate, precious metals or even private lending.
- Finalize: Once you feel confident in your choices, all that is left for you to do is to review and submit your paperwork and finalize your new IRA!
Do you think you want to go ahead and start making your money grow with a self-directed IRA? Ask the experts at American IRA to help you get started! Click here for more information on individual retirement accounts, or call 1-866-7500-IRA(472).
If you have any questions about opening a new account, contact us at 1-866-7500-IRA(472) or [email protected]. If you’d like to transfer your existing portfolio, contact us at 1-866-7500-IRA(472) or [email protected].
