How Can a Checkbook IRA Work for Your Retirement Plan?

A checkbook IRA is one that truly puts you in control over what you invest in. Just as the name implies, you get full check writing privileges with this type of IRA and you are able to diversify in a much broader spectrum of investment vehicles as opposed to a standard IRA.

For instance, with a standard IRA you can invest in stocks, bonds, mutual funds, CDs, and other securities. However, you are not able to invest in real estate, physical gold and silver, and other assets that might be desirable to you for your retirement plan. So, a checkbook IRA allows you greater freedom in regards to what you can have in your IRA and also gives you total control.

What You Can Do

When you opt for a checkbook IRA versus a standard or standard ROTH IRA the sky is basically the limit. You will be able to invest in real estate, physical precious metals, call and put options, and more. Additionally, you can still invest in all the same things as a standard or ROTH IRA allows and the best part is you call the shots.

What You Can’t Do

According to Congress, the basically two investments that can’t be in your checkbook IRA are life insurance and collectables. However, there are certain rules and regulations that must be followed in order to ensure you are staying within the legal guidelines of your checkbook IRA. For the most part this means you can’t invest in yourself or your family. This includes buying real estate for you to live or work in and lending money to yourself or to certain family members; more specifically those of lineal descent.

Invest in What You Know

There are many instances where it is in your best interest to seek the advice of a financial professional before you invest. However, there are also times you might know more about a certain type of asset than your typical financial broker does. If that is the case, then why shouldn’t you be able to use your knowledge to help your retirement plans along? With a checkbook IRA, you can invest in what you know and with whom you know making the assets you ultimately own ones that you are comfortable with.

Choose Wisely

A checkbook IRA may or may not be for you. In order to find out for sure you need to get all the facts and learn all about the pros and cons. Like anything else in life, the more preparation you do the better.

Call 877-339-4559 today for more information about a checkbook IRA.

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