We sit down with Jill Banner from IPlanGroup to discuss the does and do nots of self-directed IRAs. How to use them properly and the products that IPlanGroup offers.

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Self-Directed IRA Q&A with Jill Banner from IPlanGroup

Investing for retirement is a crucial aspect that many individuals consider seriously. In recent years, Self-Directed Individual Retirement Accounts (IRAs) have gained popularity, offering individuals more control over their investments. To shed light on this topic, we had the pleasure of interviewing Jill Banner, a retirement plan consultant at IPlanGroup, who shared insightful information about Self-Directed IRAs.

Q: What is a Self-Directed IRA, and how does it differ from a conventional IRA?

Jill Banner: A Self-Directed IRA, often abbreviated as SDIRA, is a type of individual retirement account that permits account owners to have more control over their investment choices. Unlike conventional IRAs, which generally limit investments to stocks, bonds, and mutual funds, Self-Directed IRAs allow investments in a wide range of assets, such as real estate, private equity, crowdfunding, and even precious metals.

Q: What are the advantages of a Self-Directed IRA?

Jill Banner: One of the main advantages of a Self-Directed IRA is the flexibility it offers. With a conventional IRA, you are limited to a narrow selection of investment options. However, with a Self-Directed IRA, you have the freedom to choose from a broader range of assets, including alternative investments. This can provide an opportunity for potentially higher returns and diversification within your retirement portfolio.

Another advantage is the potential for tax advantages. Just like a regular IRA, contributions to a Self-Directed IRA may be tax-deductible, and the earnings within the account grow tax-deferred until withdrawal. However, it’s important to consult with a tax professional to understand the specific tax implications of different investment options within a Self-Directed IRA.

Q: Are there any limitations or risks associated with Self-Directed IRAs?

Jill Banner: While Self-Directed IRAs offer more investment options, they also require more knowledge and due diligence on the part of the account owner. Investors must thoroughly research and understand the risks associated with each potential investment. Additionally, certain investments, such as direct real estate properties, can have higher maintenance costs and may require more active management.

Furthermore, there are certain prohibited transactions and disqualified persons to be aware of to avoid penalties. For example, you cannot use a Self-Directed IRA to invest in a business owned by yourself, your spouse, or any lineal descendants or ascendants. It’s important to work with a reputable custodian or administrator who can provide guidance on these matters.

Q: What advice would you give to someone considering a Self-Directed IRA?

Jill Banner: My first piece of advice would be to educate yourself about the rules and regulations surrounding Self-Directed IRAs. Familiarize yourself with the prohibited transactions and understand the potential risks associated with alternative investments. Seeking the guidance of a financial advisor or retirement plan specialist can be immensely helpful in making informed investment decisions.

Next, carefully evaluate your risk tolerance and desired level of involvement in managing your investments. Self-Directed IRAs require active participation, so it’s important to determine if this level of responsibility aligns with your lifestyle and objectives.

Lastly, consider working with a reputable custodian or administrator who specializes in Self-Directed IRAs. They can walk you through the setup process, ensure compliance with IRS regulations, and provide ongoing support and guidance.

In conclusion, Self-Directed IRAs offer a unique opportunity for individuals to take control of their retirement investments. However, it’s crucial to approach these accounts with knowledge, proper research, and professional guidance to maximize the benefits while mitigating the risks.