Public Libraries of Suffolk County, New York

Retire Rich with Your Self-Directed IRA, What Your Broker & Banker Don't Want You to Know About Managing Your Own Retirement Investments, Nora Peterson

eng

no index present

non fiction

Retire Rich with Your Self-Directed IRA

electronic resource eBook

dictionaries

Nora Peterson

What Your Broker & Banker Don't Want You to Know About Managing Your Own Retirement Investments

Self-directed IRAs have been around for years, but they've been gaining popularity recently among do-it-yourself investors. If this type of investment appeals to you, experts warn that they aren't for everyone, and there are pitfalls associated with self-directed IRAs that could end up costing you money if you aren't careful. Recently, many smart investors have exited the stock market because they have lost control of their investments. They have relied on the advice and skill of their brokers, bankers, and financial advisers. Many retirement accounts have dwindled or plateaued. Fortunately, there is a great but little-understood alternative: the self-directed IRA. This book will teach you how to turn your IRA into a wealth-building tool that you have complete control over. This revised edition of Retire Rich With Your Self-Directed IRA will give you the tools you need to take control of your investments. These self-directed IRAs make it effortless for you to build up and keep hold of your IRA money. In this book, you'll find out how to benefit from the new IRS regulations that impact IRAs and how to stay away from problems. The self-directed IRA lets you act as your own investment manager. Learn how to set up your account with a custodian or IRA administrator to deal with the day-to-day activities, such as depositing contributions and executing and settling investment transactions. It's easy, fun, and it puts you back in control of your retirement account. The authors combine essentials, insight, and insider secrets to secure a financial victory after retirement

Foreword -- Recognizing Opportunity -- Assumptions -- Terminology -- Part One -- Choosing to Retire Rich -- Chapter One -- Extreme Makeover - Retirement Style -- Save Early and Often -- Timing Is Everything -- Diversify Holdings -- Bill's Extreme Makeover Plan -- The Potato Sack Race to the Finish Line -- Starting Over With Block -- Power of Compounding -- A Tax Penny Saved Is Way More Than a Penny Earned -- The Hidden Cost of Spending -- Choose a Self-Directed IRA -- Owning Precious Metals -- Redistribute Assets, as Needed -- Pay Only Your Fair Share of Taxes -- Chapter Two -- An IRA Primer -- A Brief History of Pension Plans -- The Plans -- Rollovers and Transfers -- Chapter Three -- Keeping What's Yours -- The Big Stick of the IRS -- Transferring Her Existing Roth IRA -- What About Future Rollovers? -- Pay Now or Pay Later? -- A Sound Business Objective -- Undoing Good Planning -- Prohibited Transactions -- Part Two -- Laying a Solid Foundation -- Chapter Four -- Choosing an Administrator -- Custodians, Trustees, and Administrators: What's the Difference? -- Interviewing Prospective Administrators -- Adding It All Up -- Chapter Five -- Jo's Backup Crew -- Real Estate Agent -- Licensed Home Inspector -- Title Insurance Company -- Self-Directed IRA Administrator -- Property Manager -- Loan Officer or Mortgage Broker -- Lawyer -- Accountant -- Chapter Six -- Managing Risk -- Beware the Pundits -- Taming Risk -- Due Diligence: Exposing the Facts -- Plan: Have One and Stick to It -- Structure: Modifying the Framework -- Guarding Against Fraud -- Understanding the Law -- Part Three -- Building Blocks to Retiring Rich -- Chapter Seven -- The Allure of Real Estate -- Why Real Estate? -- Traditional Versus Nontraditional Real Estate Sources -- Traditional Real Estate Transactions -- Non-traditional Sources -- Chapter EightBecoming a Landlord: Investing in Income Property -- Sizing Up the Job -- Calling in the Subcontractors -- Nuts and Bolts -- Funding the Purchase: Cash Versus Financing -- Renting the Property -- Selling Income Property -- Chapter Nine -- Becoming a Lender: Investing in Real Estate-Backed Notes -- Sizing Up the Job -- Senior Notes Versus Junior Notes -- Calling in the Subcontractors -- Buying Paper -- Loan-to-Value Ratio (LTV): The Lower the Better -- Borrower's Credit History: Caution Equals Less Risk -- The Role of Credit Ratings -- Interest Rate: The Higher the Better -- Term: the Shorter the Better - But Not Too Short -- Nuts and Bolts -- One Note, Four Possible Outcomes -- Notes for Sale: Where to Find Them -- Originating Notes -- Nitty Gritty -- LTV -- Interest Rate -- Term -- Borrower's Credit History -- Three Essential Documents -- Borrowers Wanted: Where to Find Them -- A Cautionary Note About Real Estate Investment Trusts -- Chapter Ten -- Buying Options: The Ultimate In and Out Transaction -- Sizing Up the Job -- Wilma's Bungalow -- Benefits to the Seller -- Option Consideration: A Bird in the Hand -- A Buyer for a Hard-to-Sell Property -- Tax-Deferred Income -- Benefits to the Buyer -- Time to Decide -- Option Consideration: Good Insurance -- Limited Risk -- Cornfield Redux -- When Options Make Sense -- Aunt Rose's Golden Parachute -- Real Estate Options: Where to Find Them -- Chapter Eleven -- Alternative Sources for Real Estate -- Sizing Up the Job -- Risk Management -- Foreclosure: The Birthplace of Distressed Property -- The Road to Repossession -- Pre-foreclosure Notification -- Loss Mitigation -- Foreclosure -- Buying Equity -- Short Sale -- Foreclosure Sale -- REO Properties -- Tax-Lien Sales -- Nuts and Bolts -- Redemption Period -- Fees and Payment Terms -- Type of Auction -- Managing Risk -- Probate SalesCalling in the Subcontractors -- Nuts and Bolts -- Wrapping It Up -- Chapter Twelve -- Business Structures -- Sizing Up the Job -- Business Partnerships -- The Limited Liability Company (LLC) -- Calling in the Subcontractors -- Nuts and Bolts -- Opt-Out Clause -- Right of Transfer -- Capital Preservation and Equity -- LLC Example -- Chapter Thirteen -- Owning a Business -- Sizing Up the Job -- Nuts and Bolts -- Chapter Fourteen -- Buying Precious Metals -- Sizing Up the Job -- Nuts and Bolts -- Part Four -- Weatherproofing: Making Wealth Last -- Chapter Fifteen -- Planning for Distributions -- Distribution Rules -- Early Distributions: Before Age 59½ -- Exceptions to the Early Distribution Penalty for Both Traditional and Roth IRAs -- Optional Distributions: After Age 59½, but Before Age 70½ -- Required Mandatory Distributions: After Age 70½ (Traditional IRAs Only) -- Non-Cash Distributions -- Breaking the Rules: A Costly Mistake -- Chapter Sixteen -- Estate Planning -- Stretching an IRA -- Passing on the Stretch IRA Benefit -- Who Can Be a Beneficiary? -- Naming a Beneficiary -- Naming a Contingent Beneficiary -- Inherited IRA Distributions -- Protecting the Stretch Option -- Estate Taxes And Probate -- Conclusion -- Appendix A -- Additional Resources -- Appendix B -- IRS Life Expectancy Tables (current for 2014 returns) -- Joint Life and Last Survivor Expectancy -- Appendix C -- Uniform Lifetime Table (current for 2014 returns) -- Glossary -- Bibliography and Web Sources

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