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Beginner's Guide to IRAs

IRA Basics

The IRS will allow you to have an account with tax advantages. However, you must:

1) Have a qualified provider, often called a trustee or custodian.
2) Adhere to the rules (Disqualified Persons, Prohibited Transactions, etc.) governing IRAs.

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How to Start an IRA

1) Open an Account (Traditional, Roth, HSA, SEP IRA, SIMPLE IRA)
2) Fund the account via contribution, transfer, or rollover.
3) Find the investments that you want to acquire and work with us to close those transactions.

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In What Assets can my Account Invest?

Investments in these accounts grow tax-deferred; so earings can compoud faster than they could outside of the account. The IRS allows a wide variety of investment choices for these accounts. Real estate, private equity, precious metals, private loans, and more. At New Direction IRA, your account can invest in any or all of these assets!

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Traditional IRA or Roth IRA Tax Advantages

Traditional IRA:
“Pre-Tax” contributions > Tax deferred earnings within the IRA > Distributions taxed at personal income tax rate

Roth IRA:
“Post-Tax” contributions > Tax deferred earnings within the IRA > Qualified Distributions are Tax Free

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Where did IRAs come from?

IRAs started in the 1970s as a result of the Employee Retirement Income Security Act (ERISA). It signaled a move toward Personal Retirement Savings for a work force that was becoming more mobile and more likely to have multiple jobs/careers. Self-directed IRAs have been allowed by the IRS since the very beginning.

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