Getting Started With Self-Directed IRAs

Описание: Welcome to the very first episode of the IRA Café podcast! Hosted by Jasmine Trocchia, this episode dives deep into the foundational knowledge needed for anyone considering self-directed IRAs. Jasmine is joined by Kyle Moody, Business Development Manager at American IRA. Throughout the episode, Kyle shares invaluable insights from his eight years of experience, addressing common questions and concerns that potential clients often have. From understanding the nuances of self-directed IRAs to the importance of due diligence, this episode is a comprehensive guide for beginners.

Key Takeaways:
Self-Directed IRAs: Not for Everyone
Kyle explains that self-directed IRAs are not a one-size-fits-all solution. They are best suited for individuals looking to diversify their investments beyond traditional stocks and bonds, such as real estate, private lending, or investing in private companies.

Know Your Funds
It's crucial to understand the type of funds you have in your retirement accounts. Kyle emphasizes the importance of knowing whether your funds are traditional or Roth, as well as the implications for future distributions and tax responsibilities.

The Role of Due Diligence
Since American IRA is not a fiduciary and does not provide financial advice, clients must perform their own due diligence. This includes researching potential investments thoroughly and consulting with external advisors such as CPAs or attorneys.

The Process of Getting Started
Kyle outlines the steps for opening and funding a self-directed IRA account at American IRA. The process involves completing an application, setting up the account, and then transferring or rolling over funds from existing retirement accounts.

The Importance of Timing
Timing is critical when setting up a self-directed IRA, especially if you have a specific investment opportunity in mind. Kyle advises that potential clients should start the process well in advance to avoid any timing issues.

Kyle’s Journey to American IRA
Jasmine and Kyle also touch on Kyle’s background in real estate and how it led him to his current role at American IRA. His journey underscores the importance of networking and seizing opportunities as they arise.

If you're considering a self-directed IRA and want to learn more, this episode is a must-listen. Make sure to subscribe, like, and review the podcast wherever you listen to gain deeper insights into managing your retirement investments.

Timestamps:
00:00 Investing Retirement Funds in Real Estate

05:34 401(k) In-Service Rollover Guidance

09:38 Traditional vs. Roth IRA Differences

11:18 Self-Directed IRA Real Estate Ownership

13:32 Self-Directed Investment Due Diligence

17:24 "Understanding Self-Directed Accounts"

22:17 Journey from Real Estate to Investment

24:11 Referral Source Influence on Investments

26:56 Plan Retirement Accounts Early