American IRA Explains the Self-Directed IRA Rollover Mistakes to Avoid
Asheville, NC (PRWEB) August 25, 2017 -- One of the most popular strategic moves in retirement investing is executing a “rollover” in which investors transfer funds from one type of account to another. A Self-Directed IRA rollover—that is, a rollover to a new self-directed account—can be a tremendous way to earn some freedom as an investor. But even American IRA, and its CEO Jim Hitt, explain that rolling over can lead to some simple mistakes that are best avoided.
That’s why Jim Hitt recently took to the American IRA blog to make some clarifications related to Self-Directed IRA rollovers. Writes the blog: “If you take out money from an IRA account, including a self-directed IRA account, planning to roll it into another IRA or self-directed IRA, consider it a game of hot potato: You have 60 days to get that money out of your hands and into the new IRA.”
After that point, the IRS will deem you to have taken a distribution, charging you the taxes and fees that are required by such a move. Avoiding this deadline altogether won’t only save investors untold amounts of money, but will ensure a smooth transfer between one IRA type and another.
“My goal with this blog was mainly to inform,” says Jim Hitt, the CEO of the Self-Directed IRA administration firm based in North Carolina. “People are looking into Self-Directed IRAs are an astonishing rate, and one thing we like to tell people is to understand what you’re doing with a rollover before you do it. That’s why we try to help people meet all of the requirements of a rollover. This minimizes the associated taxes and fees that can incur if the rollover is handled the wrong way.”
According to Jim Hitt, many people are rolling over into a Self-Directed IRA because they see the potential of investing without being tethered to any specific type of asset class. “Real estate, precious metals, private companies,” Jim Hitt says, “are all part of the retirement investment spectrum. Many people today want some diversification for different reasons. Some want to build wealth through real estate. Others want the security that a precious metals IRA can grant them.”
Overall, Jim Hitt says, a Self-Directed IRA rollover is a relatively easy process, so long as investors make sure that they know the ins and outs of these rollovers—and Self-Directed accounts.
The American IRA blog can be found at http://www.AmericanIRA.com. Contact American IRA at 866-7500-IRA to learn more.
About:
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.
Sean McKay, American IRA, LLC, http://www.americanira.com, +1 (828) 257-4949, [email protected]
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