We've asked Ben to come join us because he's way more of an expert on these IRA topics. We really liked the series, the way that he started it off all the way to where we are now is very educational. This whole 365-day podcast helps you to think through and find out investments that we offer in Freedom Capital Investments that's best fit for your retirement in your self-directed type of objectives.
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As we talk about how to open an account, the main takeaway from this podcast is it takes time to open a self directed IRA account, so get started today. It starts with clarifying what your investing objectives are and talking with a tax professional to make sure you're moving in the right direction that fits your situation. Then get the list of IRA custodians that you Google searched and start to call them up and ask the questions we talked about before. With these few steps, you can now open up your self-directed IRA.
1)The first basic scenario is to start from scratch. Choose your custodian if you don't have any other IRA accounts yet. After you talk with them, they'll send you a form to fill out and sign. Then they'll give you instructions for sending funds.
2)The second scenario is to transfer funds from a current IRA custodian. Switching to a self-directed IRA opens up a whole new world of investment opportunities. You talk to your IRA custodian, fill out the form, sign it and send it back to them, and then they will send a request for your funds from the current custodian. Then your current IRA custodian will send over the funds by check, unless you specify to wire the funds, which is a $30 fee typically.
3) The third scenario is to change IRA providers if for whatever reasons you don't like the service of your current self-directed IRA. But if you already have your self-directed IRA set up, you need to have a pretty good reason to be able to want to change because it's going to take a few steps. You have to find a new self-directed IRA custodian to transfer. Make sure to ask if you can transfer the assets that you currently have set up. If not you may need to liquidate, which is a big deal.
*Pro tip: Consider the termination fee, they might charge you $250 or $300 to close the account. One of the questions you can ask your new potential self-directed IRA custodian is, will you pay for the termination fee from my last provider? Now, if you ask them that right up front, they may say yes.
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