I decided to put together a list of the questions investors will want to have answered before they move forward. Some of these might sound simple. Others might sound complicated. But with Self-Direction, education is one aspect of taking control.
Charlotte, NC (PRWEB) April 04, 2017
With more and more people learning about the Self-Directed IRA and the freedom of investment associated with this type of account, investors are asking questions. But a recent blog post by Jim Hitt, CEO of American IRA in North Carolina, detailed which questions investors should ask before starting a Self-Directed IRA for their retirement nest egg.
When an individual begins a Self-Directed IRA, the general process is purchasing a plan from a pre-approved sponsor (such as Fidelity) or establishing it with a third party, such as a Self-Directed IRA administration provider. These providers are sometimes called custodians. But while this process can be simple, Jim Hitt argues, investors should have a list of questions get answered before they acquire one of these plans.
According to Jim Hitt, questions include “What documents am I responsible for providing to the IRS” and “Who is responsible for updating plan documents to account for regulatory changes?” These questions might not seem important at the moment, but with tax planning and long-term holding of a Self-Directed IRA, they become important in a hurry.
“With any change in your portfolio, the quality of your questions often determines how much you learn,” says Jim Hitt. “I decided to put together a list of the questions investors will want to have answered before they move forward. Some of these might sound simple. Others might sound complicated. But with Self-Direction, education is one aspect of taking control of your retirement portfolio.”
The post includes dozens of questions, many of which investors are likely not to have thought about as they look into self-direction for a portion of their investment portfolio. Jim Hitt, who has been working with Self-Directed IRAs for decades, said that his company offers no-obligation consultations to assist people considering a Self-Directed IRA.
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