5 Self-Directed IRA Misconceptions
As awareness among people grows, interest in IRAs grows similarly. At the moment in the U.S., $5.4 trillion have been invested in IRAs, which is nearly 40% of the population with traditional IRAs. When it comes to self-directed IRAs, the misconceptions are even bigger and even more frightening. Most of these misconceptions are deliberately allowed to perpetuate, given how the IRA owner assumes control.
Even though people’s interest continues to grow, there are misconceptions about IRAs which continue to hold others back. What many people don’t understand is that these misconceptions are the single biggest hurdle in their journey toward a livable retirement.
This is why we’ve taken it upon ourselves to do away with these misconceptions.
Misconception 1: They’re Difficult to Set Up
One look at Orion Metal Exchange’s account setup will tell you that’s not true. IRAs might not be every bank’s cup of tea, making them look difficult to set up, but there are other avenues you can invest in.
Misconception 2: You Aren’t Allowed an Advisor
On the contrary, we don’t work without an advisor. Our account managers and advisors are always looking at the long-term plans for our clients. You can always reach out to us and ask us for assistance, and we will guide you along the best possible course.
Misconception 3: You Can’t Have 401(k) and IRA Simultaneously
Actually, there is a way to maximize your investments in both, employer plans and IRAs. The trick is to combine accounts that are tax-advantaged. It does, however, depend on your income whether you can deduce all your contributions to retirement accounts that are tax-deferring.
Misconception 4: They’re Illegal
The Internal Revenue Code will tell that you that IRAs are perfectly legal, because there’s no outlining on what you can invest in. There are, however, very clear outlines about what you can’t invest in: such as life insurance.
Misconception 5: It’s Risky
Whether you’re going for a traditional IRA or an alternative one, the risk lies in the assets that you’re investing in. When you’re going the self-directed route, you’re going with assets that are low-risk in the larger market—precious metals, that is. You control how much you invest and what the reward will be. You are, in short, perfectly safe, and perfectly in control.
Start a Precious Metal IRA Today
Let the account managers at Orion Metal Exchange walk you through the IRA retirement plan, or assist you in rolling over your existing IRA. Ensure that you have a solid retirement plan with one of our IRA accounts. If you’ve got questions, feel free to reach out to us or give us a call at 1-800-559-0088.