I thought it would be important to clear the air and explain how these pitfalls can most easily be avoided. With preparation and foresight, many of the pitfalls are easy to avoid—and that’s what this most recent post explains.
CHARLOTTE, N.C. (PRWEB) October 30, 2017
The Self-Directed IRA can sometimes intimidate new investors, many of whom believe that this method of retirement investing can be fraught with common pitfalls and obstacles. But as Jim Hitt, CEO of American IRA in North Carolina, recently pointed out at the American IRA blog, there are plenty of ways to avoid these pitfalls and continue to build a strong retirement nest egg.
That was detailed in a recent blog post in which many of the common pitfalls—and the best strategies for avoiding them—were explained under a microscope. “For new investors who want the freedom of a Self-Directed IRA but don’t want any of the challenges that often come with independence,” said Jim Hitt, “I thought it would be important to clear the air and explain how these pitfalls can most easily be avoided. With preparation and foresight, many of the pitfalls are easy to avoid—and that’s what this most recent post explains.”
The article came about as a partial response to a recent article in USA Today, wherein the most frequent mistakes made through IRAs were addressed. One of those mistakes—investors forgetting to take dispersals from the account when the retirement account requires—is something that Self-Directed IRA investors also need to pay attention to.
“I think that most people hear the phrase ‘Self-Directed IRA’ and think it’s a completely separate entity from other IRA types,” said Jim Hitt. “The truth is, these are the same accounts. So the same pitfalls that people struggle with in any old IRA can apply here as well. The only difference—the investor is the one making the decisions. That’s how it gives investors a greater sense of freedom and flexibility, while also requiring additional diligence to ensure these pitfalls are avoided.”
Jim Hitt pointed to the dispersal problem as one common pitfall. If an investor does not begin taking these dispersals at the appropriate time, there are stiff penalties in place. These penalties can wear away at what was largely the intention of the retirement account to begin with—maximizing the value of the investment dollar for the purposes of retiring with a strong nest egg.
For more information, visit the blog at http://www.AmericanIRA.com or call American IRA at 866-7500-IRA.
American IRA, LLC was established in 2004 by James C. Hitt in Asheville, NC.
The mission of American IRA is to provide the highest level of customer service in the self-directed retirement industry. Mr. Hitt and his team have grown the company to over $250 million in assets under administration by educating the public that their self-directed IRA account can invest in a variety of assets such as real estate, private lending, limited liability companies, precious metals and much more.
As a self-directed IRA administrator they are a neutral third party. They do not make any recommendations to any person or entity associated with investments of any type (including financial representatives, investment promoters or companies, or employees, agents or representatives associated with these firms). They are not responsible for and are not bound by any statements, representations, warranties or agreements made by any such person or entity and do not provide any recommendation on the quality profitability or reputability of any investment, individual or company. The term "they" refers to American IRA, located in Asheville, NC.