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Amit Darji is a God-fearing man. He enjoys spending time with his wife and children. Amit enjoys taking vacations and creating memories that will last a lifetime. Amit Darji prides himself on integrity, honesty, commitment, and execution. It’s these characteristics that continue to lead Amit to serve others and all the while continuing to build his own real estate portfolio.

He enjoys helping others create a stream of income from sources such as partnering in real estate fix and flips and long-term hold assets. Moreover, Amit is always looking to bring people up with him. Amit will help you tap into unutilized equity from your home and guide you to a successful income stream.

If you are interested to learn more, attend the FREE weekly webinar held every Wednesday at 7pm EST. Amit will answer any questions you have regarding getting started in real estate investing and how to grow your nest egg.
Amit looks forward to seeing you.

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LEARN MORE ABOUT: IRA Accounts

TRANSFER IRA TO GOLD: Gold IRA Account

TRANSFER IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

Difference Between 401K and Self-Directed IRA under the IRS CODE

When it comes to retirement savings, there are various options available to individuals under the IRS code. Two popular choices are the 401K and the self-directed IRA. While both serve the purpose of allowing individuals to save for their future, there are several key differences between the two.

1. Employer-Sponsored vs. Individual Ownership:
One of the primary distinctions between a 401K and a self-directed IRA is the ownership structure. A 401K is an employer-sponsored retirement plan, meaning it is offered by an employer to its employees. The employer typically sets up the plan and selects investment options for the employees. On the other hand, a self-directed IRA is individually owned, allowing the account holder to have full control over their investment choices.

2. Contribution Limits:
Both the 401K and self-directed IRA have limitations on the amount of money that can be contributed each year. However, the contribution limits for a 401K tend to be higher than those for a self-directed IRA. As of 2021, the maximum contribution limit for a 401K is $19,500 for individuals under 50 years old and $26,000 for those above 50. In contrast, the contribution limit for a self-directed IRA is $6,000 for individuals under 50 years old and $7,000 for those above 50.

3. Investment Options:
Another significant difference between the two retirement plans is the range of investment options available. In a 401K, the employer typically selects a limited number of investment options for employees to choose from. These options often include mutual funds or company stocks. On the other hand, a self-directed IRA offers a wider array of investment choices. Account holders can invest in a variety of assets, including real estate, individual stocks, bonds, precious metals, and even private businesses.

4. Loan Provisions and Withdrawals:
401K plans often provide the option for participants to take out loans against their account balance. These loans must be repaid with interest, providing individuals with temporary access to funds when needed. Self-directed IRAs do not permit loans against the account balance, making it a less flexible option. However, both plans allow for penalty-free withdrawals in certain circumstances, such as for medical expenses or to purchase a first home.

5. Rollover Options:
One advantage of a self-directed IRA is its flexibility in terms of rollovers. Individuals can roll over funds from various retirement accounts, including 401Ks, into a self-directed IRA without incurring any tax penalties. This allows individuals to consolidate their retirement savings in one account and exercise greater control over their investments.

In conclusion, while both 401Ks and self-directed IRAs offer individuals the opportunity to save for retirement, they differ in ownership structure, contribution limits, investment options, loan provisions, and rollover options under the IRS code. Understanding these differences can help individuals make informed decisions about their retirement savings strategy based on their specific needs and preferences.