Although Self-Directed IRAs and Solo 401(k)s are one of the best wealth-generating platforms available, many people make mistakes when choosing a Self-Directed IRA platform or company. You need to weigh the pros and cons of each kind of plan, and get a true understanding of how each plan works so you can choose the best place to open a Self-Directed based on your goals.
Many factors need to be taken into account, such as:
- The type of fees and how they fit with your investing strategy.
- How quickly you can access your money or make an investment.
- What type of Self-Directed platform you have and whether it actually is a Self-Directed IRA at all, and
- Whether you will be given the customer support necessary to ensure everything goes smoothly and you avoid tax penalties.
As such, Broad Financial has created a list of the 5 biggest problems most people encounter when selecting their Self-Directed IRA, and how to avoid them. These are 5 simple things you need to know when making your decision, and a benchmark you should to establish to rate your IRA company against.