Should You Keep Your IRA?

Are you uncertain with the fate of your IRA? Or maybe you're wondering if your IRA is the best place to store some of your retirement money. Maybe you're concerned about the safety of that principal, the liquidity, or the access to it, and if there's a better place to put that money for your future. And what about the future IRA tax implications? Do you think tax rates are going down and that your share of what's accumulated in your IRA is going to be less in the future or more in the future? In this video, we're going to address some of those things and ask some additional questions on whether or not your IRA is the best place to keep that money. Hi, Hi, my name is Jim Striker and I'm in the retirement planning space and I've been helping people answer the 4 most important retirement planning questions that we all face. So you may be thinking, should I keep my IRA? You probably have an IRA from a previous employer where you were contributing to a 401(k). You left that employer and now you have this money accumulated into a new account, your individual retirement account, your IRA. And you're probably wondering, is that the best place for me to keep that money? Is that money liquid? Is that money safe from market loss? What about the tax implications of that IRA? What about the investment options or choices inside that IRA? Is there an option to maybe self-direct that IRA where I can put that money where it is that I want? These are all great questions that we're going to cover inside this video. So the first question is, what can you do with your IRA? IRAs can be self-directed, meaning that you can move your IRA into your own decision-making process through a custodian. And what they'll have the ability to do is keep that money inside the confines of a qualified plan so that you can buy real estate, you can buy gold. There's lots of things that you can do inside a self-directed account, which will give you a little bit more choice and a little bit more control. If you're somebody who has an IRA, you can also move that IRA into some income or growth products on the annuity side without any tax implications. There's just a few of the things that you can do inside your IRA right now if you're not really excited about what returns you're getting from it right now or where that money is being invested. So as you know, IRAs, they're not liquid until you're 59 and a half or you're over 59 and a half, and then you have some choice control once you pay your taxes on what you can do with your IRA money. Most IRAs are not safe in the conventional sense with any principal protection. It's all subject to market risk and what the market is going to do. If you do want to move some of your IRA money into some safer vehicles where the principal is protected, that is definitely something I can help you with. My website will be linked in the description, mastersofwealthteam.com, and just click on the schedule call today and we can help you out with giving you some direction on what to do with your current IRA. Another thing to consider with your IRA is what are the future tax implications? In IRAs, like most qualified plans or Qualified with who? Qualified with the IRS. And that means that you have a tax that has yet to be paid on your account. And so one of the things to consider is what you think taxes are going to do. Do you think taxes are going to stay the same? Do you think taxes are going to be lower? Or do you think taxes are going to be higher when you go to utilize the funds that are in your IRA, most likely for your retirement? You may want to consider looking at the tax implications of your IRA. Sooner than later. Is there potentially a better place to hold that money for your future? The answer is probably yes, and the answer is probably not in your IRA. There's probably a better place for you to put that money where you can have better safety, better liquidity, and get yourself a better rate of return and get rid of your partner that exists inside your IRA, Uncle Sam.