Checkbook IRA: A Step-By-Step Guide to Getting Started

Is a checkbook IRA the way to go for you? Well, it all depends on your golas. A lot of people say they want full control over their retirement investing, but then you look at what type of IRA they have and realize that they are nowhere close to full control. While standard IRAs and ROTH IRAs offer some level of flexibility, there are limitations as to what you can invest in.

A checkbook IRA does offer you full control over your retirement investing and, as the name implies, it allows you to write checks for certain IRA approved investments. Among other investments that are commonly made through other IRAs a checkbook IRA allows you to invest in such investment assets such as physical gold, real estate, and so much more, all with you in total control.

Steps to Getting Started

Like anything else, there are certain steps that should be followed if you wish to establish a checkbook Ira such as:

  1. Make the call: Determine if a checkbook IRA is right for you. Everyone’s situation is different, but if you want total control over your retirement investments, you will find it with a checkbook IRA. You can always seek the advice of a professional if you want to have all the pros and cons laid out for you.
  2. Find a service: If you decide that a checkbook IRA is what you are after then the next logical step if to find a checkbook IRA service that can help you establish your checkbook IRA. This might be by way of a 401K rollover or it might be simply establishing a new checkbook IRA with funds you have suiting dormant in a savings account.
  3. Know the rules: Once you establish your checkbook IRA, there will be certain rules and regulations that you must follow so you can enjoy the full benefits that the account offers. To be sure you are in full compliance, ask the checkbook IRA service you chose to work with to explain all the various do’s and don’ts that come with a checkbook IRA.

All About the Service

The most important thing with establishing your checkbook IRA is the service you choose to help you establish it. There might be a good variety for you to choose from, but you need to be sure you are going with a company that has the knowledge and know how to help you set up your checkbook IRA and also help you with questions once your account open.

Click to find out more about how a checkbook IRA can work for your retirement plan.

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