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Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Quote:
Originally Posted by pipsters
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You can't touch the money in most plans until you quit your job and hit 60. So by squirreling all this money away, you won't ever touch it until you get old.
... I'm wondering if there is a better way vs. having to wait until you are geriatric to use YOUR money.
Your BOLD is FALSE, there are a few options to tap 'qualified funds' pre-age 59. 72t is easiest, but has its own rules / hassle factor. (best to set up a few IRA's some with 72t)
No need to save for retirement, just set up a cash flowing feedstream that will feed you and yours. Sooner the better!
Quote:
Originally Posted by Petunia 100
That's right, and you have to use one of the IRA custodians who will handle it. Have you ever looked at those fee schedules? Every time the custodian collects rent, pays for repairs, pays the mortgage, etc., the IRA is charged a fee. The fees to the custodian can easily be 4 figures each and every year.
Owning a rental inside an IRA is not the way to go, IMO.
I have NO fees from my custodian, Minor fee for distribution (if I require a wire or something else that costs them money). A $75 fee for each different asset class within the IRA LLC. All they hold is my IRA owned LLC that can own LOTS of different investments. (Including businesses, collectables, Real estate...). All I have to provide IRS custodian is an annual valuation of my IRA LLC. (for my / their IRS reporting)
My IRA LLC has it's own checking accts. Management of commercial or residential properties (owned within IRA LLC) can be done by yourself or a manager. Just follow the rules... no co-mingling of funds, No personal withdrawal, personal gain or benefit. Very simple and this tool in my 'retirement' investment portfolio returns 16% + equity gain.
I have NO fees from my custodian, Minor fee for distribution (if I require a wire or something else that costs them money). A $75 fee for each different asset class within the IRA LLC. All they hold is my IRA owned LLC that can own LOTS of different investments. (Including businesses, collectables, Real estate...). All I have to provide IRS custodian is an annual valuation of my IRA LLC. (for my / their IRS reporting)
My IRA LLC has it's own checking accts. Management of commercial or residential properties (owned within IRA LLC) can be done by yourself or a manager. Just follow the rules... no co-mingling of funds, No personal withdrawal, personal gain or benefit. Very simple and this tool in my 'retirement' investment portfolio returns 16% + equity gain.
Your BOLD is FALSE, there are a few options to tap 'qualified funds' pre-age 59. 72t is easiest, but has its own rules / hassle factor. (best to set up a few IRA's some with 72t)
No need to save for retirement, just set up a cash flowing feedstream that will feed you and yours. Sooner the better!
I have NO fees from my custodian, Minor fee for distribution (if I require a wire or something else that costs them money). A $75 fee for each different asset class within the IRA LLC. All they hold is my IRA owned LLC that can own LOTS of different investments. (Including businesses, collectables, Real estate...). All I have to provide IRS custodian is an annual valuation of my IRA LLC. (for my / their IRS reporting)
My IRA LLC has it's own checking accts. Management of commercial or residential properties (owned within IRA LLC) can be done by yourself or a manager. Just follow the rules... no co-mingling of funds, No personal withdrawal, personal gain or benefit. Very simple and this tool in my 'retirement' investment portfolio returns 16% + equity gain.
Quote:
Originally Posted by Petunia 100
Cool. Who is your custodian?
No fees for custodianship would be highly abnormal in this scenario unless those fees are waived for revenues made up in other areas
This is exactly why I stopped putting money into my retirement accounts and began buying houses to rent out. I do have a big chunk of retirement money in the SP500. I have 8 years to go 'til I can get it without penalty. I'm trying to figure out a way to self-direct it into real estate so I can put it to use NOW.
a 65 year old couple delaying ss can draw 22k a year out tax free from that traditional account and over 40k with as little as 4.50% tax. if you delay ss from 62 to 70 you can draw 320k out and pay very very little tax .
that also puts them in the zero capital gains bracket for anything held in taxable accounts that qualify .
you can see 6 figure incomes between pulling the tax free income from the traditional account , the zero capital gains bracket brokerage account and some roth income .
not to mention a juicy aca subsidy if you are under medicare age .
Last edited by mathjak107; 12-03-2016 at 07:39 AM..
Also with a 401K you can move to a tax free state and the money you would have paid state tax on when working now you pay no tax.
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