With the Baby Boomers coming into their 60’s, many are wondering what they will do when they stop working and start living off their retirement savings. The stock market can be vague, puzzling, and leave you feeling like your future isn't in your hands. How can you make sure you have the ability to control your retirement... instead of just hoping your 401(k) or IRA's index fund comes back up?
Most retirement accounts offer no choices outside the stock market. No ability to invest locally, or in property overseas, or much of anything without a ticker symbol. A self directed retirement account, may hold the answer to getting control of your financial future back in your hands -- letting you maximize current earnings and investment opportunities.
With a self-directed retirement plan you can investigate an ever changing array of investment opportunities that can offer higher yields with safety. Some investments are much better facilitated by checkbook control: buying or selling notes, tax liens, private placements, and property are high on this list. Others, like issuing a long term note, require only a basic account.
CompleteIRA.com has some of the better material and resources to help you decide if 401(k) or IRA checkbook control is right for you. Their information can be helpful for ideas both on what you may be able to do, and what amount of work is involved. It doesn't matter if Wall Street doesn't offer them to you. You can have one, and your real world knowledge can be put to work in a tax advantaged account.
The decision about how to manage alternative investments lies with you and the amount of time and effort you want to put into the day-to-day workings of your account. Checkbook controlled 401(k) plans give you the power to act swiftly and take advantage of opportunities -- interacting with sellers and buyers quickly.
This is not a good idea if you don’t want to devote a lot of time to study and find investments or are not knowledgeable about investments and want someone else to manage your money (Though if you find a good fee-based planner, or an alternative investment specialist, they may still recommend this account structure to better facilitate the plan they create for you).
For the self-employed, there is a new and superior retirement structure; the Solo(k). A bit of misnomer, this 401(k) is for any small businesses with just owner-operators. If that is you, you have the very best in retirement options at your finger tips. This structure allows truly tax-free savings (no self-employment tax.. unlike with traditional IRAs), very generous loan provisions, and high contribution limits. They have the investing advantages of a checkbook controlled IRA, plus an improved structure. Contacting a knowledgeable group to find out how to set up an account, maximize your flexibility, and make the best use of tax regulations won't cost you anything.
There are many choices outside the stock market when it comes to investing; a self directed IRA or, ideally, a checkbook controlled 401(k) can help you access them successfully.
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