ASHEVILLE, NC / ACCESSWIRE / March 18, 2020 / Using a Self-Directed IRA might seem complicated to some, but as a recent post at American IRA notes, these accounts are susceptible to the same rules and regulations of any other type of IRA. In fact, a "Self-Directed IRA" is the same thing, only with a different arrangement for how the investments will be made. As such, the Self-Directed IRA works under the rules of RMDs-or required minimum distributions-as any investor.
Just what are these RMDs, and at what ages do they kick in? At the recent post at American IRA, the blog noted some of the most important things for investors to know. For instance, after a certain age in retirement (70 ½), investors must start taking money out of their retirement account, even if they're not technically retied from working. And the age of 59 ½ is another important milestone, because it's the point at which investors can start taking distributions from these accounts without the stiff penalties of early withdrawal. However, there is still over a decade between the two ages which allow for continued growth if the holder of a Self-Directed IRA so chooses.
That means that anyone with a Self-Directed IRA will want to be aware of these rules as they plan for retirement age. Being able to make withdrawals means that there will have to be money within the accounts to withdraw.
"Required Minimum Distributions are a surprising fact for many people," said Jim Hitt of American IRA. "Not a lot of young people know that at a certain age, they're going to have to take money out of their retirement account. Those who count on retiring at a young age with a long-life expectancy have to know about these rules if they're going to create an effective retirement plan for themselves-Self-Directed IRA or no."
For more information on these RMDs, visit the post at www.AmericanIRA.com. Interested parties can also contact American IRA by dialing 866-7500-IRA.
About:
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