On this episode of Passive Income Pilots, Tait & Ryan interview Carrie Cook.

Carrie Cook is the Chief Executive Officer of Preferred Trust Company and the President of Ignite Funding. As CEO of Preferred Trust Company, a licensed retail trust company that acts as custodian for IRA owners’ alternative assets, she is responsible for the company’s overall operations, compliance, accounting, marketing/sales, and client relations. Carrie is a certified Self-Directed IRA Professional.

Carrie expertly simplifies the complexities of IRAs, providing a comprehensive overview that covers the fundamentals, nuances, and common misconceptions. She explains the different types of IRA accounts, the distinction between rolling over and transferring IRAs, and clarifies the often-misunderstood term “self-directed” as used by institutions in the context of IRAs. Carrie also highlights the most prevalent mistake investors make when moving their IRAs and provides a clear roadmap of the necessary steps and potential fees involved, empowering investors to make informed financial decisions.

Enjoy the show!

Show notes:
[0:00] Intro
[3:31] Overview of what Preferred Trust Company does
[5:23] What the term “self-directed” really means
[8:32] How the custodians make money
[10:49] What is an IRA?
[12:24] Tax-advantaged accounts, IRA account types
[14:51] Low contribution limits
[24:26] When can you move your funds?
[29:28] IRA investing is a double-edged sword
[39:39] How long does the process take?
[46:23] Why haven’t people heard of these opportunities?
[51:35] PTC’s fee model
[57:15] Where can you learn more or connect with PTC/Carrie
[1:01:39] Outro

Connect with Carrie:
Call: 888-990-7892
Email: info@ptcemail.com
Website:
Twitter:
Podcast:

Here’s Carrie talking about IRAs over at Spartan Investment Group:
Self-Directed retirement account Investing with Carrie Cook

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Reach out to the hosts:
Tait Duryea
CEO Turbine Capital
www.turbinecap.com

Ryan Gibson
CIO Spartan Investment Group
www.spartan-investors.com…(read more)

LEARN MORE ABOUT: IRA Accounts

TRANSFER IRA TO GOLD: Gold IRA Account

TRANSFER IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

Individual Retirement Accounts (IRAs) are a popular investment option for retirement savings. If you’re considering an IRA, it’s essential to understand the difference between transfers and rollovers. In this article, we’ll demystify IRAs with financial expert, Carrie Cook.

First, let’s define IRAs. IRAs are investment accounts that allow you to save money for retirement. There are two types of IRAs: Traditional and Roth. Traditional IRAs offer a deduction on your tax return while Roth IRAs offer tax-free withdrawals in retirement. Both types of IRAs can be opened at a bank or brokerage firm, and you can contribute up to $6,000 per year (or $7,000 if you’re 50 or older).

Now, let’s talk about transfers. A transfer is a tax-free movement of funds from one IRA to another IRA of the same type. For example, you can transfer your Traditional IRA from one bank to another bank without any tax consequences. It’s important to note that transfers are not reported on your tax return because they are not taxable events.

According to Carrie Cook, “Transfers are incredibly common and straightforward, so if you’re looking to switch banks or consolidate your IRAs, a transfer is the way to go.”

Next, let’s discuss rollovers. A rollover is the movement of funds from a qualified retirement plan (such as a 401(k)) to an IRA of the same or different type. For example, if you leave your job and have a 401(k) plan, you can roll it over to an IRA. It’s essential to complete the rollover within 60 days to avoid tax consequences.

Carrie Cook explains, “Rollovers can be tricky and have potential tax consequences. You need to be careful to follow the rules and deadlines to avoid any tax penalties.”

It’s important to note that rollovers are a way to move funds from a qualified retirement plan to an IRA, while transfers are for moving funds between IRAs.

In conclusion, IRAs are a great way to save for retirement, but it’s essential to understand the differences between transfers and rollovers. If you’re considering either option, it’s best to consult with a financial advisor to ensure you’re making the best decision for your unique financial situation.