To reap the benefits of a self-directed IRA account, you need to open an account first. Here are some easy steps to open your self-directed IRA account.
A self-directed IRA account is something everyone over the age of 30 should consider opening if they are starting to think about retirement. A self-directed plan will allow you to make investments and decisions for your retirement plan. If you are thinking about opening one up, you need to do plenty of research and find loyal self-directed IRA services that you can open one up with. To make it easy on you, here are some simple steps to open your self-directed IRA account today.
Open an Account
The first step in opening your self-directed IRA is to open an account. There are several steps someone must take in order to open an account for a self-directed IRA. You will need to have an IRA application filled out. While it’s important to take your time to read and fill out the entire application, many companies may only require just a few pages. You will also need a copy of your driver’s license or passport, a $50 check for the set-up fee, a copy of a statement for your retirement account, and a filled-out W-9 from.
Fund the Account
After opening an account, you will then want to decide how to fund out a self-directed IRA account because there are several ways you can do this. You can fund by transferring from another IRA account, setting up a rollover from a 401(k), or simply contributing to fund the account.
Invest in the Account
The final step to open your self-directed IRA is to invest in the account. There are several things you can invest in such as real estate, private stock offerings, oil, gas, and more. However, you should also be aware that the IRA will not let you invest in collectibles. It’s important to consider all of the possibilities before you go ahead—don’t invest in your account until you are ready to do so.