The self-directed IRA and the 401(k) fall among some of the most popular retirement plans in the country. For someone who is new to the concept, it can be quite a difficult decision to make because you never know where your choice will land you after you retire and the last thing you would want at that stage is to regret a decision you made in your early years. So the best thing to do is to study up and make the right choice.
With a self-directed IRA, you will have direct control over the funds in your account which means you do not need to hire a custodian who will conduct your transactions for you. You will not need to pick up the phone and make some calls every time you want to make a withdrawal or find a place where you would like to invest. You would do away with these luxuries if you opt for a 401(k).
Investing tax-free in real estate is considered impossible by some people. With a self-directed IRA, it is not only possible, but easy as 1-2-3. You may be able to find a solo 401(k) with which investing tax-free in real estate could be possible, but the hidden charges that would be incurred every few weeks would cost you a fortune. The self-directed IRA program has been approved by the IRS and was designed specifically for small-business-owners.
By going with the self-directed IRA, you will not only firmly secure your future and ensure a convenient post-retirement time, but also have the chance to invest in whatever business that you please increasing your odds of winning big time. Just remember to keep your common sense intact at all times and to not use your new-found freedom to invest in trying to revive a dying business. Other than the odd silly thing that people tend to do while handling large amounts of money, you should be doing fine with your self-directed IRA.
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Which is better: 401k or a self-directed IRA?
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