Episode #107 Unlock Your Retirement Funds with Jack Kiley


During the third installment of the HyperFast Wealth segment of the HyperFast Agent Podcast, Dan Lesniak and Sunil Saxena speak with Jack Kiley, Principal at Mid-Atlantic IRA, about using self-directed IRA plans to unlock your retirement funds. This episode will show you a great way to explore a wider spectrum of investment possibilities.

Episode Highlights: 

  • Most people don’t hear about self-directed IRAs because most of the huge financial institutions have co-opted the retirement investment. People naturally think those are the only investments available.
  • Real estate is a great investment for self-directed accounts.
  • True self-direction offers a wider spectrum of investment possibilities.
  • Generally, the motivation for keeping you invested in traditional ways is because the financial institutions get paid that way.
  • Self-direction gives you the ability to invest in things that you know more about.
  • Jack has a client that only invests in one street.
  • The paperwork is fairly simple. There are three main pieces of paper. First there’s the application, then the fee disclosure form, and then a transfer form.
  • The first thing to understand is that self-direction is just a marketing term that means you can invest in anything permissible by law.
  • To move money, the money has to come from another qualified IRA. Like accounts move to like accounts.
  • You can’t move 401k money until you have a break in service.
  • Consult an advisor before establishing an IRA or a solo 401k.
  • A traditional IRA will allow you to deduct $6k in a given year.
  • Your business could also sponsor an SEP that would allow you to put away 25%. 
  • There’s also a simple IRA which is halfway between an SEP and a 401k.
  • If you have no employees, you can have a solo 401k.
  • People can contribute directly to a self-directed account. Contribution limits are the same.
  • Buying and lending to real estate are very common with Jack’s clients.
  • By definition, an IRA is a trust, which means it can hold assets.
  • You can’t invest in collectibles or life insurance with a self-directed IRA.
  • What self-direction allows you to do is to leverage your knowledge and your ability.
  • Typically these are the types of things entrepreneurs are interested in doing.
  • Risk really depends upon your knowledge of the subject.
  • Jack provides an example of a large animal vet investing in alpacas.
  • You either have to have personal knowledge of what you’re investing in or trusted people who are helping you place your money.

 
3 Key Points:

  1.   Self-direction gives you the ability to invest in things that you know more about.
  2.   You can’t invest in collectibles or life insurance with a self-directed IRA. Aside from those categories, there are many investment possibilities.
  3.  You either have to have personal knowledge of what you’re investing in or trusted people who are helping you place your money.

 
Tweetable Quotes:

  • Real estate is a great investment for self-directed accounts.” – Jack Kiley
  • “Self-direction gives you the ability to invest in things that maybe you know a little more about.” – Jack Kiley
  • “What self-direction allows you to do is to leverage your knowledge and your ability.” – Jack Kiley
  • “Essentially any type of investment that is not publicly traded…you would need to hold that in a self-directed account.” – Jack Kiley
  • “Self-direction allows you to take better control of your financial assets and invest them in a way that you’re comfortable with. For different people, that means different things.” – Sunil Saxena

 
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