Self-Directed IRA in Utah or Idaho?

[Nicole Stoddard]

Hi - I'm looking for a bank or credit union that offers the Self-Directed IRA products and services. Looking in Utah or Idaho . . . any suggestions?

[Dmitriy Fomichenko]

Hello Nicole,

Banks and credit unions do not offer self-directed IRAs. To get one setup you need to find a custodian who specializes in self-directed accounts specifically. There are several companies out there, but you should not be looking at the location of the company, that is of the least importance, they all can help clients nationwide.

Being the fact that you are self-employed you owe it to yourself to consider truly self-directed Solo 401k plan. It has several major advantages over SD IRA, some of them are:

- Custodian is not required. This means that you can eliminate custodian all together and with it all of the custodian, transaction and asset-based fees. And also gain checkbook control over your retirement account.

- Contribute nearly 10 times more than an IRA

- Access some of your retirement funds tax-free and penalties free by using participant loan feature. 

- No tax on leveraged real estate

- Invest tax-free using Roth account of your Solo 401k

and many more!