[0:35] Great opportunity for younger people to read something that explained to them the value of having a self-directed IRA
[1:37] That the younger you are, that you start your IRA and get it going, the better off you’re going to be when you get to be my age
[2:04] Not everything that you read on the Internet is true
[2:05] To take information you find, read it, do your best to verify it and talk to some people who know the ins and outs of whatever you’re looking for
[2:24] Go to someone or do some more research and verify that what you have found is, in fact, correct
[2:38] You should always talk to a professional before making any financial planning moves.
[2:41] You should always talk to a CPA or a tax professional before you make any investment in your IRA.
[3:01] Take the opportunity to use our ask the expert feature on our website and post the question there.
IRA Retirement Planning Information Tips
IRA Retirement Planning Information – Are Your Sources Trustworthy?
It has been said that in the age of technology, ignorance is a choice. I think that has some truth behind it, but it might not be the whole truth. It’s true that you can find anything and everything on the Internet. With a quick search on Google, you can find some remarkably insightful information, but you can also find a lot of junk too. Where do you draw the line? How do you know who’s telling the truth? How can you avoid misleading information you’ve found on the Internet?
We’re continuing our discussion on where to find information this week. Here at Sunwest Trust, we are constantly scouring the Internet to find new information on IRAs. We’re driven to find good, quality articles about IRAs so we can share the information with our clients. However, because of our efforts in researching the Internet we’ve found that it can be difficult to decipher which articles contain good information and which are missing the mark.
Early Retirement Planning
Great sources of information can come from unlikely places.
My youngest son, who is still in college, brought an article from a website called artofmanliness.com to me today. The article was well written and a great springboard for young people to start thinking about their retirement. It was an exciting conversation that I had with my son, because it was an opportunity for him to find solid retirement advice from someone other than his old man. Of course, my son needed help where most beginners need help. He had found information on IRAs that interested him and got the wheels turning (that’s sometimes the hardest part), but his next step was verifying the information. He came to me to ask for some advice. Now, I realize that not everyone has a family member who is well versed in the art of IRA investing; however, here are a few things you can do to verify any information you’ve found on the Internet, or elsewhere.
Find Answers to Your IRA Questions:
Talk to a professional. We believe the best option is always to speak with someone who is knowledgeable in the areas you are not. Ask questions. Seek help. In general, people like to show how much they know by sharing their knowledge with others. Sometimes you might have to pay for good, competent help, but don’t let that discourage you from seeking it. An ounce of prevention can be worth a pound of cure.
Ask IRA Questions Here:
Ask the Expert. We offer a service called Ask the Expert on our website. We have contracted with JM Consulting to answer any of your questions. Just click the link on our home page to send your question and within 48 hours, you will receive a straight answer back.
Another Resource for Self Directed IRAs
The Self Directed IRA Handbook. A quick crosscheck with the Self Directed IRA Handbook isn’t a bad idea either. The Handbook is conveniently broken into easy to search chapters. The chapters are short and offer a wealth of information that is easy to understand. If you don’t have a copy of the Handbook, simply send us your address and we’ll have one sent to you for free.
Go to the Source: Ask the IRS
IRS.gov. Why not go to the source? IRC 408 and IRC 4975 are the internal revenue codes that declare what types of investments are permitted by the IRS, as well as who would be considered a disqualified party to your IRA. After reading through the internal revenue codes, if one or more of your investments are in question, simply take these IRCs to your attorney for a second opinion.
This blog is strictly for informational purposes and should not be taken as legal advice. A large part of self directed IRA investments involves doing your due diligence on every investment. Be sure to speak with a lawyer, or tax professional who is knowledgeable in the types of investments you are making.
Good afternoon. Welcome to Tuesday at Two. Going along with our theme for the month of April, of finding places to do your research and your due diligence on self-directed IRAs, my youngest son is a college student here in New Mexico and brought an article to me that he had found, which generally discussed retirement accounts and self-directed IRAs, which I thought was really exciting because it was found in a place that you might not normally look, but it was a great opportunity for younger people to read something that explained to them the real value of having a self-directed IRA.
This was found on a website called The Art of Manliness, which to me, seemed interesting that there would be an article about retirement accounts in a website called The Art of Manliness. However, my youngest son printed this out and he brought it to me. It’s going along those lines of finding this stuff and then verifying that what is being said is actually true. He brought it to me to look over to make sure.
It’s pretty well-written. There is some good information; it’s just very general. It’s not talking specifically about self-directed IRAs. It’s just very general about IRAs and contribution limits.
What I was excited about was the fact that it was just in a place where someone other than a financial type, like myself, an older person would find. It might encourage young people to get started. Maybe next month, we’ll talk a little bit more about the opportunities that the younger y you start your IRA and get it going, the better off you’re going to be when you get to be my age, or get to be 59 ½ or 60 and want to actually retire.
One of the important things about this is when you find these articles, they can be in some very unlikely places, but something that you might not realize is not everything that you read on the Internet is always true. I would encourage you to take information you find, read it, do your best to verify it, and then talk to some people who know the ins and outs of whatever you’re looking for, be it a particular investment or be it an individual retirement account itself. Go to someone or do some more research and verify that what you have found is in fact correct, which should be done before you take the step of following that information.
Like we always say here at Sunwest Trust, you should always talk to a professional. You should always talk to a CPA or a tax professional before you make any investment in your IRA or before you make any decisions about your retirement account, whether it be investments or how you set them up or your contributions and various aspects to it.
Always talk to a professional, your own CPA or your own tax attorney. At a minimum, take the opportunity to use our ask the expert feature on our website and post the question there. We’ll give you a generic answer based on the information that you’ve given us.
We have one more video in this series and then we’ll be beginning a new series in the month of May. We’re excited about spring time, the new things, the trees budding out and all the new life coming along. We’re excited about getting some new ideas and talking about some new things on Tuesday at Two. I invite you to come back next week and watch our next Tuesday at Two and then keep an eye on it for the new series that will start in the month of May.
IRA Retirement Planning – Our Your Sources Trustworthy? was published on: