18. Open a self-directed IRA
Dec 19, 2019Your retirement is extremely important. No one knows if there are going to be government programs out there to even help retirees in the future. Social Security is going broke. You need to open a retirement account, like an IRA. You also should direct the money in that account yourself, instead of leaving it up to a stranger. Self-directed IRAs are the way to take charge of your money and your retirement. Just make sure you follow the rules.
I also suggest paying taxes as you retire rather than deferring them. Take the example of our young savers from Dave Ramsey’s chart in Step 15. If the first boy paid taxes as he was putting in his $16,000, he’d save an awful lot of money than if he waited for it to turn into that $2 million and paid taxes on that. The government wants you to wait because they know they’ll make more money. It’s also why the government forces withdrawals after a certain age, so they can get your money before you pass and leave it to someone else. It is for this reason, among others, that I do not recommend listening to popular media about deferring your tax burden. Pay it now, while your taxes are low.
A company my husband and I use is Equity Trust. I highly recommend them because they provide you with valuable information about Self Directing your money. They not only have articles but have entire courses online for their customers. They also teach you about health and education savings, among other types of savings and funds.
Want to learn more? Look for our IRA article. You'll be able to click HERE when it comes out.
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