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Chapters:
0:00 Intro
0:20 What are Self-Directed IRAs?
0:55 Benefits of SDIRAs
2:05 Traditional and Roth SDIRAs
2:49 Contribution Limits
3:20 Forbidden Investments in SDIRAs
4:39 How Do SDIRAs Work?
5:43 Who are SDIRAs For?
6:50 How to Make Withdrawals from SDIRAs
7:46 Choosing Which Assets to Put into Your SDIRA
8:40 SDIRA Fees
9:04 Outro

Self-directed IRAs are a great retirement plan option for people who do not want to be limited to traditional investments. With self-directed IRAs, you can add many different alternative investments to your account such as precious metals, real estate, and even cryptocurrencies like Bitcoin or Ethereum.

In this video, tax expert, Karlton Dennis explains everything you need to know about self-directed IRAs, or SDIRAs as they are commonly referred to. He covers topics such as the benefits of SDIRAs, whether they are available as traditional or Roth accounts, what their contribution limits are, and more.

If you are someone who wants to be able to add many different types of investments to your retirement plan besides stocks, bonds, and CDs, then SDIRAs could be a great option for you. This video will teach you all of the basics of getting started with an SDIRA. So, if you want to learn about self-directing your IRA, then this video is for you!

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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

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REVEALED: Best Gold Backed IRA

Setting up a self-directed IRA can be a great way to take control of your retirement savings and invest in assets that you choose. In 2024, the process of setting up a self-directed IRA has become easier and more accessible than ever before. Here are some steps to help you set up your own self-directed IRA in 2024:

1. Choose a Self-Directed IRA Provider: The first step in setting up a self-directed IRA is to choose a provider that offers self-directed IRA accounts. There are several companies that offer self-directed IRA services, so be sure to research and compare different providers to find the one that best fits your needs.

2. Open an Account: Once you have chosen a provider, you will need to open a self-directed IRA account. This typically involves filling out an application and providing some personal information. You may also need to fund your account with an initial deposit, which can vary depending on the provider.

3. Decide on an Investment Strategy: One of the key benefits of a self-directed IRA is the ability to invest in a wide range of assets beyond traditional stocks and bonds. Before making any investments, it’s important to decide on an investment strategy that aligns with your financial goals and risk tolerance.

4. Make Investments: With your self-directed IRA account set up and funded, you can start making investments in a variety of assets, such as real estate, precious metals, private equity, and more. Be sure to conduct thorough research and seek professional advice if needed before making any investment decisions.

5. Keep Track of Your Investments: Once you have made investments in your self-directed IRA, it’s important to keep track of how they are performing. Regularly review your account statements and monitor the performance of your investments to ensure they are meeting your expectations.

6. Stay Compliant: It’s important to be aware of the rules and regulations governing self-directed IRAs to avoid any penalties or issues with the IRS. Make sure to stay informed about contribution limits, distribution rules, and prohibited transactions to keep your self-directed IRA in compliance.

Setting up a self-directed IRA in 2024 can be a great way to take control of your retirement savings and diversify your investment portfolio. By following these steps and staying informed about the rules and regulations, you can set yourself up for a secure retirement with a self-directed IRA.