ASHEVILLE, NC / ACCESSWIRE / January 18, 2021 / What Self-Directed IRA mistakes, frequently made by retirement investors, are the easiest to fix? That is the central question of a new post at American IRA. The Self-Directed IRA administration firm, based in Asheville, NC, recently took to its blog to explore the different Self-Directed IRA mistakes that new investors often make. The post also highlighted why these might be easy mistakes to prevent or fix.
For example, one of the mistakes highlighted at the post was the possibility that an investor does not know what they’re getting into when starting up a Self-Directed IRA. While a Self-Directed IRA is not an overly complicated account, many investors do not do due diligence when it comes to this account, or maybe do not perform due diligence when researching investments to take on. As American IRA points out, it serves as a custodian for Self-Directed IRA accounts, not as account managers that make investment decisions on behalf of investors.
This is a key difference that highlights some of the more common mistakes made by Self-Directed IRA investors. After all, Self-Directed IRA investors often flock to these accounts because of interest in nontraditional retirement assets. For example, a Self-Directed IRA makes it possible for investors to put retirement money into a nontraditional retirement asset like real estate. This opens all sorts of possibilities for the investor. However, Self-Directed IRA investors without any experience need to also understand that a Self-Directed IRA administration firm is not there to make specific investment recommendations.
In other words, the investor is on their own when it comes to decision-making, which is why many investors choose Self-Directed IRAs in the first place. “People love to invest when they’re calling the shots,” said Jim Hitt, CEO of American IRA. “And this can be a powerful way to put money away for retirement. But it is also worth noting that investors take on more responsibility this way, too. For many people, that’s exactly how they’d prefer it.”
The post points out some mistakes investors commonly make before or while getting started with a Self-Directed IRA.
“American IRA, LLC was established in 2004 by Jim Hitt, CEO in Asheville, NC.
The mission of American IRA is to provide the highest level of customer service in the self-directed retirement industry. Jim Hitt and his team have grown the company to over $400 million in assets under administration by educating the public that their Self-Directed IRA account can invest in a variety of assets such as real estate, private lending, limited liability companies, precious metals and much more.
As a Self-Directed IRA administrator, they are a neutral third party. They do not make any recommendations to any person or entity associated with investments of any type (including financial representatives, investment promoters or companies, or employees, agents or representatives associated with these firms). They are not responsible for and are not bound by any statements, representations, warranties or agreements made by any such person or entity and do not provide any recommendation on the quality profitability or reputability of any investment, individual or company. The term “they” refers to American IRA, located in Asheville and Charlotte, NC and Atlanta, GA.”
SOURCE: American IRA, LLC
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