(The following is the fourth of a special five part series meant to be shared by professionals and non-professionals alike. This particular series covers
only one of the 7 Deadly Sins Every ERISA Fiduciary Must Avoid.)
Education is the answer
All too often I am approached by people who have never heard of a self directed IRA or a Solo 401k. These people are usually skeptical that they can use these plans or they may even question their existence.
While these retirement plan options have existed for many years, most people have never heard of them.
The reason is simple:
Large institutional investment banks will lose money when you manage your own retirement account.
When you set up a self directed retirement account, you take over the helm and make the investment choices that are in your best interest. You are no longer limited to a menu of investments offered by a particular investment bank.
With a Solo 401k, your choices are particularly powerful. Not only does it open up your options, but it also eliminates the middle man completely. There is no custodian needed with a Solo 401k; no permission to ask. You invest in anything allowed by the IRS, which includes pretty much anything other than insurance or collectibles.
Longboat Retirement Solutions can help you set up a Solo 401k quickly and painlessly.
Transferring your money out of a big bank IRA or 401k into a self directed account is not a taxable transaction, and there are no penalties.
Stop being robbed by the big banks; give us a call