Best Practices in Real Estate IRA Investing

Real Estate IRAGenerally, the best and smartest things you can do in Real Estate IRA investing are the same as the best and smartest things you can do outside of real estate investing. There are a few differences around the margins, because of the specific rules concerning prohibited transactions within Self-Directed IRAs (and other self-directed accounts, for that matter), and restrictions against using property for your own personal benefit. But broadly speaking, a good real estate investment is a good real estate investment, whether it’s inside or outside of a Self-Directed IRA.

At American IRA, we have many clients who are very successful real estate investors with track records going back through several market cycles. All of them are vastly different people, but they all seem to have a few things in common.

A reputation for integrity. Word gets out about bad landlords. Today we have social media and websites devoted to apartment and landlord reviews. If you’re a bad landlord, or don’t deal fairly with your tenants, you will cause the value of your rental property to decline and you will have needlessly high vacancy rates.

Similarly, even if you are more of a flipper than a renter, the real estate investment community is fairly small – even in large cities. You will not get away with bad faith, unfair dealing, or shady behavior for long. The more people who respect and admire you, the more and better investment opportunities you will have, in the long run.

A businesslike approach. Our most successful real estate investing clients don’t treat their real estate practices like a hobby. They have professional-grade accounting systems in place. They establish entities. They retain professional help, and even put together informal “boards of advisors.” They keep a strict separation between their personal money and investment money and they have separate bank accounts. If it’s the majority of their income, it’s nearly a full-time job to many of them. They take similar care of properties in their Real Estate IRAs and self-directed solo 401(k)s and other retirement accounts. Even if they aren’t taking current income, they are very much running a currently viable investment “company” of sorts, within their IRA.

They focus on what they know. Most of our clients don’t run from property to property, making bids on and purchasing vastly different properties in very different neighborhoods. They aren’t going to buy a 5-acre farm in Iowa one day and then turn around and buy a Miami Beach condominium the next day. They focus specifically on what they know best. If you are comfortable with your grasp of valuations in a given neighborhood for 2 and 3 bedroom homes, then focus on that. This is what Warren Buffett calls a “circle of competence.” You can’t know everything well. If you try to do everything well, you will do nothing as well as you should. Focus on properties in the “sweet spot,” where you are the expert. Fewer mistakes = better long-term returns.

They get accounting help. For many people, real estate investing is very intuitive. Real estate taxation is not. There are many tax advantages to real estate investing, but simplicity of the tax code is not among them.

There are simply too many rules for the tax layman to stay abreast off all the time, and they are constantly changing. As a real estate investor, you’ll need to have a working knowledge of a lot of financial and taxation concepts. But that’s a far cry from actually filling out your returns. Invest in an experienced accountant.

Pro-tip: CPAs have a lot of pull with their clients. They are also very knowledgeable about the details of their client’s affairs. Because of this, they can be valuable sources of referrals for real estate investors.

They Don’t Work Alone. We mentioned the informal board of advisors many of them have with friends in key professions. That’s part of a broader trend – real estate is a people business, as much as a property business. The most successful are always nurturing their contacts in the community through networking, community service, and simply walking their neighborhoods, talking to property owners and looking for motivated sellers and motivated renters. Nurture your network. Include people from all walks of life, and build alliances. Send them referrals, generously. You will get your share.

They make money when they buy, not when they sell. Whether they are fast fix-n-flippers or long-term rental property owners, they all get good deals up front. They are always buying at surprisingly less than market value, because they find motivated sellers and they are good and wise negotiators. That way, they don’t rely on the weather, the “markets,” or things they can’t control, for future returns. They always seem to be finding properties for five to seven cents on the dollar, and either turning them around or renting them at or near full market value.

These people who keep up these good practices over a period of years inevitably do very well. Opportunities come to them, and they are careful to send opportunities to others as well.

If real estate is your ‘sweet spot,’ or you want to learn more about Real Estate IRA investing, please join us for an upcoming Web-based workshop and seminar on getting started in Self-Directed IRAs. If you’re already familiar with the basics of self-directed retirement accounts and want to focus on real estate, enroll in one of our workshops entitled “Growing Your Retirement Account with Real Estate”. Sign up for one of our free, no-obligation seminars here. Or call us at 866-7500-IRA (472)

Make Your Retirement Savings Last

Retirement Nest Egg, Self-Directed IRALife expectancies, thankfully, are going up. That’s a great thing, thanks to the miracles of modern medicine and improvements in the distribution of health care and improved nutrition.

But that means retirement nest eggs have to last longer, too, as Americans live longer and longer past their retirement age.

Assumptions about longevity and safe draw-down rates that seemed reasonable when we started investing in IRAs in the 70s and in 401(k)s in the 80s are no longer valid for two big reasons:

  • We’re living much longer.
  • Interest rates are a fraction of what they used to be.

So it’s more important than ever to stretch every retirement dollar you have to ensure you don’t run out of money before you run out of time!

Here are some ideas to consider:

Consider income-generating investments such as REITs and rental real estate. These offer certain tax advantages (avoidance of double taxation in most cases), enable investors to take advantage of leverage, have the built-in advantage of investing in real assets and not pieces of paper, and are IRA-friendly. You can even own rental real estate directly in your IRA or other retirement account through self-direction. Visit our free seminar to learn more.

Start withdrawals from tax-deferred retirement accounts early. Sure, you don’t have to make required minimum distributions until you turn 70. But if you take smaller distributions early and stuff them into a Roth IRA, if you’re eligible, you may be able to reduce your marginal tax rate on your withdrawals. That’s because your income in any given year after age 70 will be lower, since your balance for RMD calculation is lower, and withdrawals from Roths are generally tax-free.

Balance Social Security against taxable investment income. If you’re not careful, taking too much in investment income can cause half of your Social Security benefits to become taxable. Some investment income sources aren’t taxable, though – or are only partially taxable. Roth income is generally tax-free, as are withdrawals of dividends from participating life insurance policies. Proceeds on life insurance loans are tax-free, as long as you don’t surrender the policy, generating capital gains on any amount withdrawn over basis. Annuities, combine income with return of capital, so only a part of your annuity income is taxable. Some investments in limited partnerships, MLPs also generate some of your income in the form of return of capital, which are also non-taxable.

By maintaining tax diversity – that is, holding assets that are taxed in a variety of different ways – including inside and outside of retirement accounts, you increase your flexibility for tax management, while potentially realizing less income in higher marginal tax brackets over time.

Engage a life insurance strategy.

If you have some substantial free cash flow during the year and you want or need life insurance, you may consider overfunding a permanent life insurance policy to the maximum extent allowed by law (without turning the policy into a modified endowment contract).

That way, you get the benefit of a large tax-free payout to a beneficiary of your choice in the event of death, or the possibility of tax-free withdrawals of dividends and tax-free loans proceeds when the loan is secured by the death benefit or cash surrender value of the policy. In the end, accumulated cash values in permanent life insurance policies, including whole life, participating whole life and universal life policies – are generally treated similarly to Roth IRAs. However, you have much less flexibility in what you can invest in than you have with an IRA or Self-Directed IRA (see below).

Use a Self-Directed IRA

Your IRAs and similar accounts are not restricted to stocks, bonds, CDs, annuities, cash and mutual funds. You can potentially vastly increase your long-term returns and possibly reduce expenses by choosing use a Self-Directed IRA in almost any investment you feel comfortable in, or in which you feel you have a market-beating advantage. For an introduction to the Self-Directed IRA concept, please attend one of our free informational on-line seminars that we conduct several times per week. You can sign up here.

Use Annuities

A lifetime income annuity from a highly-rated insurance company is specifically designed to hedge against longevity risk – or the risk of living too long. Yes, part of the income coming back to you is taxable as ordinary income. But it is the only option that will provide income to you for as long as you live, in writing, guaranteed.

One strategy: Identify your very basic, minimum needs in retirement, and get a lifetime income annuity that pays this amount. That way, you know you have your basic needs covered. You also have the freedom to invest the rest of your portfolio for an even greater return than you would, otherwise.

Keep an emergency fund – outside of your retirement.

Don’t force yourself to make a taxable distribution or early distribution you don’t want to make. Keep an emergency fund in something reasonably liquid, though not necessarily all in cash. One idea: Keep 1 month worth of expenses in cash in the bank or a money market. Another six months in a longer term CD, and the rest in a short-term bond fund or other vehicle that pays a reasonable interest rate. The idea is to have as little money as possible earning a negative return after inflation.

We’d like to be a part of any long-term retirement strategies you do make. Please visit us at, or give us a call at 866-7500-IRA (472).

We look forward to serving you.


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Break the Underperformance Cycle

According to the new Quantitative Analysis of Investor Behavior (QAIB) from mutual fund industry consulting firm DALBAR, the average mutual fund investor actually underperformed the market over the last 20 years – by a whopping 7.4 percent per year.

Combined with the typical and customary (but still high) expenses mutual fund investors typically pay out to Wall Street money managers, that’s enough to slash their overall investment returns by half.

Since the QAIB’s inception in 1984, the S&P 500 has generated returns of 11.11 percent, annualized. But when you just look at the cash-flow-adjusted returns of the individual shareholder, mutual fund investors concentrating in stock funds have only generated 3.69 percent. That’s less than 1 percentage point above inflation (2.8 percent over the same time period).

Investors in asset allocation and fixed income funds did even worse, with actual cash-flow-adjusted returns of 1.85 and 0.7 percent, respectively.

According to DALBAR’s data, the average investor in mutual funds trailed the index over the trailing 12 month, 3 year, 5 year and 10 year time period.

Why is this? Because the average investor tends to be bullish when stocks are about to fall, and bearish when they are about to rise. ‘Twas ever thus, and probably always will be.

Furthermore, the tyranny of the mutual fund expense ratio works against the investor in bull and bear markets alike.

One way to break the cycle: Get out of it.

Using a Self-Directed IRA or other retirement account can help you sidestep not only the unreasonably high fee structures of many retail mutual funds, with expense ratios exceeding 1 percent. Depending on what you do with your IRA, self-direction can help you ignore the day-to-day gyrations of the stock market and all the media hype, and allow you to focus on what matters most: The long-term returns of your retirement investments at reasonable levels of risk.

Few Americans have the discipline to ignore the daily dose of alternating mania or melancholy from the financial media. If it were that easy to ignore the noise, you wouldn’t have these huge disparities between the theoretical return of the broad stock market indices and the actual returns experienced by investors after adjusting for their jumping in and out of the stock market at bad times.

Making the quantum leap to Self-Directed IRAs can help you declare independence from the mob, because self-direction allows you to invest in things that are grossly under-covered by the mass financial media. For example, Self-Directed IRAs, 401(k)s, SEPs, SIMPLEs, Roth IRAs and other accounts let you put your assets in investments you may know much more about than any TV reporter:

  • Private equity
  • Private lending
  • Rental real estate
  • Land banking
  • House-flipping
  • Commercial property
  • Tax liens and certificates
  • Farms, ranches and livestock
  • Private businesses, partnerships and LLCs
  • Precious metals (with some restrictions)
  • And much more.

The only investments the IRS places off limits to self-directed retirement accounts are life insurance, alcoholic beverages, art and collectibles, jewelry, gemstones and certain forms of precious metals, chiefly because of inconsistent or uncertain purity standards.

The IRS also prohibits buying or selling from yourself or lending to or borrowing from yourself, or directing your IRA to do business with a spouse, ascendant or descendant, or any of their spouses.

Who does it work for?

Self-Directed IRAs or other retirement accounts may be a realistic and effective option for you under any of these circumstances:

  • You are not satisfied by interest rates or expected rates of returns in mutual funds
  • You have professional-level expertise or other market advantage in a given investment or asset class
  • You want to diversify your retirement account
  • You understand real estate and believe you can be a better real estate investor than fund-picker
  • You have the risk tolerance and time horizon to withstand lower liquidity and/or more short-term volatility
  • You want to reinvest your returns in your assets rather than ship them off to Wall Street in the form of expense ratios. American IRA only charges a reasonable flat rate for services, as opposed to a high percentage that compounds over time. However, you will have to manage your internal expenses within your Self-Directed IRA or other retirement account.
  • You understand the risks

Want to know more?

Join us for a free, no obligation Webinar and tutorial entitled Getting Started with Self-Directed IRAs. Just click on the event you’re interested in, sign up, log in and learn. There’s no obligation, no fee.

Or, alternatively, give us a call at 866-7500-IRA(472).

We look forward to getting to know you.

How Real Estate Investors Can Leverage Self-Directed Funds to Invest and Grow Their Business or Self-Directed 401Ks

Sean McKay, Senior Vice President at American IRA, will be speaking at this event.

Date: 22 April 2014

Time: 6.00 pm to 9.00 pm

Time Line:

Dinner on your own.

Networking begins at 6 p.m.

Presentation begins at 7 p.m.

Zorba’s Greek Restaurant
6169 Saint Andrews Road
Columbia, SC 29212

Topic:  Basics of Self-Directed IRAs, strategies for using other peoples money, and using a Self-Directed IRA as a source for investing with Private Money.

Keynote Speaker: Sean McKay

Cost: Free for REIA members. Guest fee is $19.99 includes a 30-day trial membership and 1 guest pass.

Self-Directed IRA and Traditional Retirement Savings for Your Children

Self-Directed IRARecent studies show that a large percentage of Americans feel they need to work past age 70 to be able to continue covering their living expenses. This underscores the need for individuals to improve their Self-Directed IRA and retirement-saving habits…for many this means starting to save at an early age. You can help your children by encouraging them to begin funding their retirement accounts as soon as they start earning eligible income. Consider the following when funding retirement accounts for your children.

The Child Must Have Earned Income

The required income rules that apply to adults also apply to children. A contribution cannot be made to a child’s IRA unless that child receives eligible income of at least the dollar amount of the contribution made for the year. For this purpose, eligible income includes wages, salary, and commission.

Eligibility Rules Apply

A child is subject to the same eligibility rules that apply to adults. This includes:

  1. The child’s contribution to IRAs for the year cannot exceed a total of $6,500 or 100% of eligible income, whichever is less.
  2. The child must have income within the limits for funding a Roth IRA, which means a Roth IRA contribution cannot be made for that child if his or her modified adjusted gross income (MAGI) exceeds:
  • $129,000 if single
  • $191,000 if married, and
  • $10,000 if married, filing separately
  1. If the child received benefits or contribution under an employer sponsored retirement plan, he or she might be considered an active participant and would be able to claim a tax deduction for traditional IRA contributions only if his or her MAGI does not exceed:
  • $70,000 if single
  • $116,000 if married filing jointly, or
  • $10,000 if married, filing separately

If the child is not an active participant but is married to someone who is, the MAGI limit is $191,000,

Most children will not have this issue of high income. But for those who might, it is important to pay attention to these limits to prevent tax filing and/or contribution errors.

You Can Pay Your Child a Salary – But Be Careful

If you own and operate your own business, you can pay your child a salary so that he or she is eligible to contribute to an IRA. Of course, such salaries must be done on a legitimate basis and be able to pass any IRS scrutiny. For instance, if you pay your child for providing administrative services such as filing and answering the telephone, that child must be of age to do so and you must have payroll records that satisfy statutory requirements.

Availability May Be Limited

Not all financial institution allow IRAs to be opened on behalf of children and, for those that do, the parent or legal guardian is usually required to be the authorized signatory on the IRA until the child reaches the age of majority as defined by the state of domicile. If you are the authorized signatory, you would be responsible for approving transactions such as distributions and investments. Once the child reaches the age of majority, then he or she would become eligible to be the authorized signatory on the account.

It Adds Up

Helping your child to start saving at an early age not only encourages good savings habit, it could lead to significant retirement savings. Consider that a savings of $1,000 per year for 40 years at a 4% return per year would amount to about $100,000. If the account is a Roth IRA, the entire accumulated savings would be tax-free when the child reaches age 59 ½, or sooner if it has been at least five years since the first Roth IRA was funded and he or she is withdrawing up to $10,000 for a first-time home purchase, he or she is disabled, or if the amount is being withdrawn by a beneficiary in the event of his or her death.

Professionals Can Help

Professionals can help you discover practical solutions for your child’s saving and retirement planning needs. It is never too early to start saving, but when you do, you want to start with the right type of account.


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Avoid Tax Traps for After-Tax Self-Directed IRA Funds

Self-Directed IRAGenerally, distributions and Roth Conversion amounts from your Traditional Self-Directed IRA are treated as taxable income to you. However, if you have after-tax amounts in your Traditional Self-Directed IRA, distributions and Roth conversion of these after-tax amounts should be tax-free. You could mistakenly pay income tax on these amounts if the proper tax filing and reporting is not done.

Where Do After-Tax Funds Come From?

Your Traditional Self-Directed IRA will include after-tax funds if you made contributions and did not claim a tax deduction for all or a portion of the amount on your tax return. The deduction may not have been claimed because you and/or your tax advisor simply chose not to, or because you were ineligible to claim the deduction because you received benefits under an employer plan and your income exceeded a certain amount.

Your after-tax funds may also be attributed to a rollover of after-tax amounts from an account under an employer plan, such as a 401(k) or 403(b) plan, to your Traditional IRA.

Ensuring After-Tax Funds are Not Taxed

The IRS provides Form 8606 in order to track and report after-tax funds in your Traditional Self-Directed IRA. To this end, Form 8606 must be filed for any year that you make nondeductible contributions to your Traditional IRA. Additionally, Form 8606 must be filed for any year that you take a distribution or convert funds to a Roth IRA if your Traditional IRA has after-tax funds the year that the distribution or Roth conversion is done. By accurately completing and filing Form 8606, you keep track of the after-tax balance and share the information with the IRS.

Balance Aggregated and Pro-Rated for Taxation

Distributions or Roth conversion amounts from your Traditional Self-Directed IRA will include a pro-rated amount of after-tax and pre-tax funds as long as your Traditional IRA includes an after-tax balance. As such, you cannot select only after-tax or pre-tax funds when performing such transactions. Furthermore, all of your Traditional IRAs, SEP IRAs, and SIMPLE IRAs are treated as one when determining how much of a distribution or Roth conversion amount is not taxable.

For instance, assume that you have two Traditional Self-Directed IRAs: Traditional IRA #1 has a balance of $10,000 all of which is after-tax funds. Traditional IRA #2 has a balance of $90,000 all of which is pre-tax funds. If you take a distribution (or Roth Conversion) of $10,000 from Traditional IRA #1, only $1,000 will be tax-free and $9,000 will be taxable. This rule applies because, for IRS purposes, you took a distribution of $10,000 from an aggregate Traditional IRA balance of $100,000.

Caution: Determine Balance Formula

When determining the ratio of the taxable vs. nontaxable portion of a distribution or Roth conversion, the balance as of the end of the year in which the transaction is done is used. If the transaction is done in January when you had only Traditional Self-Directed IRA #1 with a balance of $10,000, and you rollover a pre-tax amount of $90,000 from your 401(k) to Traditional Self-Directed IRA #2 in December of the same year, your account balance used in the formula would be $100,000 (plus or minus interest or losses) .

The year-end balance is also adjusted by adding the following amounts:

  • Distributions taken from your Traditional Self-Directed IRA during the year and rolled over the next year within 60-days of receipt. For instance, if you took the distribution in December and did a rollover of the amount in January.
  • Roth IRA conversions done during the year and re-characterized the following year. Under Roth conversion rules, you can reverse a Roth conversion by doing a re-characterization of all or a portion of the amount by your tax filing deadline plus extensions.

Other distributions and Roth IRA conversions done during the year may also need to be included in the calculation.


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Annual Check Up for Your Self-Directed IRA

Self-Directed IRAYour Self-Directed IRA should be given a check-up at least once per year. A complete Self-Directed IRA check-up requires the assistance of a financial advisor who is also an expert in the Self-Directed IRA field. A Self-Directed IRA check-up process covers areas such as: estate-planning review, RMD determination, contribution error detection, conversion suitability, and whether you need to file tax forms to receive certain tax benefits for your IRA. These are highlighted below.

Estate-Planning Review

Have your professional check to make sure your Self-Directed IRA agreement and documentation are consistent with your estate-planning needs. This is especially important for beneficiary designations, and more critically so if you need to make special provisions for any of your beneficiaries.

RMD Determination

If you are at least age 70½ this year, you must take a required minimum distribution (RMD) from your IRAs. You may also need to take RMD amounts from any retirement account that you have inherited. Failure to take your RMD amount could result in you owing the IRS an excess accumulation penalty of 50% of the RMD shortfall. have your professional check to make sure that your correct RMD amount is taken from your IRA, so as to prevent you from owing this penalty.

Contribution Error Detection

If you made ineligible contributions, including ineligible rollovers, these amounts will be subject to IRS penalties and possibly double taxation unless corrected in a timely manner. Have your professional check your Self-Directed IRA activity to determine if any such errors occurred and work with you to make any necessary corrections.

Conversion Suitability

If you converted amounts from another retirement account to your Roth Self-Directed IRA last year, have your professional review the Roth conversion to determine if it should be reversed for reasons such as significant market losses. They should look at other reasons why a Roth-conversion reversal may make sense, and help you to determine if any of those reasons apply to you. The IRS allows Roth conversions for the previous year to be reversed as late as October 15 of the current year, if you meet certain requirements. If it is determined that the conversion should be reversed, have your professional work with you to have it accomplished properly and in a timely manner.

Filing Tax Forms

There are certain tax forms that may need to be filed in order for you to receive certain tax benefits, or to correct reporting done by your Self-Directed IRA custodian. Have your professional review your transactions to determine if these forms should be filed on your behalf.

Let us Help You to Take Care Of Your IRA

There are instances in which more frequent check-ups may be required. For instance, if you experience a life-changing event, such as a death of one of your beneficiaries or a marriage or birth that affects your beneficiary designation, your professional may need to conduct a review to determine if and what changes should be made.


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5 Factors of the Self-Directed Roth IRA Conversion Decision Process

Traditional IRA | Roth IRADeciding whether one should convert assets from a traditional retirement account to a Self-Directed Roth IRA is an important task, and in order to make a reasonable and educated decision, many factors must be taken into consideration. Still it is well worth the consideration since the account will grow tax-free forever after it is converted to a Roth IRA.

The following are only five of the many factors that should be taken into consideration.

1.     Current vs. Future Tax Rates

Many economists and tax professionals who have analyzed factors such as the historical changes in tax rates, the events that either cause or predict increases in tax rates, and the national debt, agree that significant increases in tax rates in future years is inevitable. Individuals who agree with these experts may feel that it is a smart tax move to convert to a Self-Directed Roth IRA now when tax rates are lower, rather than keeping assets in a Traditional IRA where they would be taxed at a higher rate when withdrawn later.

2.     Retirement Horizon

One of the factors to consider when deciding about whether a Self-Directed Roth IRA makes good tax sense is whether you will have sufficient time to accrue enough tax-free earnings that would, at a minimum, offset the tax-related cost of converting amounts to a Roth IRA.

Example: Assume that you convert $100,000 in pre-tax amounts from your Traditional IRA to your Roth IRA, and you owe income tax of $28,000 on the amount. This $28,000 will have to be taken from your retirement account or other sources, which means $28,000 that is no longer available for investing in your retirement nest egg.

A Roth conversion analysis would take the number of years you have until retirement into consideration, so as to determine whether the tax-free earnings that could be accrued during that time is sufficient to make the conversion worthwhile.

3.     Your Beneficiaries and Who You Want to Pay The Income Tax

If you will be leaving your retirement savings to a charity, a Traditional IRA may be a better choice since the charity will not owe income tax on the amount. On the other hand, if your beneficiary is someone like your spouse or child, converting the amount to a Self-Directed Roth IRA could allow him or her to inherit the amount tax-free.

4.     Source of Income Tax Payment

Generally, you are required to pay the income due on a Roth conversion by your tax filing deadline. If you do not have the amount available in non-retirement saving accounts, then the income tax can be paid from the conversion amount. If you choose to pay the income tax from the conversion amount, only the net amount would be converted, which means the income tax amount would not be available for tax-free growth in the Roth IRA.

Example: Assume you convert $100,000 and elect to have $20,000 withheld for federal income tax. Only $80,000 would be converted to your Roth IRA, with $20,000 remitted to the IRS as an income tax payment on your behalf.

A Roth conversion analysis would help to make a reasonable determination of whether a conversion would make sense in such cases.

5.    Investment Vehicles and Rate of Return

A critical component of a Self-Directed Roth IRA conversion analysis is the rate of return on your investments. If your investment portfolio includes stocks, bonds, mutual funds and other investments that do not offer a guaranteed rate of return, then the rate of return is based on assumptions and speculations. On the other hand, if your conversion amount is invested in a product that provides a guaranteed rate of return (such as an annuity), you might get a more realistic determination of the comparison between converting and not converting to a Roth IRA.

These are just a few of the many factors that should be taken into consideration, and what might apply to one person might not apply to another. As such, the Self-Directed Roth IRA conversion decision is often based on a customized Roth profile. Further, whether an outcome is considered favorable can be a matter of personal preference.


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