A screencast that runs through the steps involved in opening up a Lending Club IRA, one of the best ways to invest in peer to peer lending. More here: …(read more)

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If you’re looking for a new way to save for retirement, opening up a Lending Club IRA may be the perfect option for you. Lending Club is a peer-to-peer lending platform that allows individuals to invest in personal loans and earn interest on their investments. By opening up a Lending Club IRA, you can take advantage of this innovative investment opportunity while also enjoying the tax benefits of an individual retirement account.

To open up a Lending Club IRA, you’ll first need to set up a traditional or Roth IRA account with a qualified custodian that allows for alternative investments. Once your account is set up, you can transfer funds from your existing retirement accounts or make new contributions to your Lending Club IRA.

Investing in a Lending Club IRA offers several benefits. First and foremost, you have the potential to earn competitive returns on your investments. Lending Club offers a range of different loan options for investors to choose from, allowing you to tailor your investment strategy to your risk tolerance and return objectives. You can also diversify your portfolio by investing in multiple loans, reducing the risk of any one investment underperforming.

Another key benefit of a Lending Club IRA is the tax advantages it offers. If you opt for a traditional IRA, your contributions may be tax-deductible, and your investments can grow tax-deferred until you start making withdrawals in retirement. With a Roth IRA, your contributions are made with after-tax dollars, but your withdrawals in retirement are tax-free. This can be particularly advantageous if you expect to be in a higher tax bracket in retirement.

Opening up a Lending Club IRA is a relatively straightforward process, but it’s important to do your due diligence before diving in. As with any investment, there is always a level of risk involved, and it’s important to carefully consider your investment objectives, risk tolerance, and time horizon before making any decisions. Additionally, it’s always a good idea to consult with a financial advisor to ensure that a Lending Club IRA is the right option for you.

In conclusion, opening up a Lending Club IRA can be a smart move for individuals looking to diversify their retirement portfolios and potentially earn competitive returns. With the tax advantages and investment options offered by Lending Club, it’s definitely worth exploring this innovative investment opportunity if you’re looking to take control of your financial future.