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Opening an Individual Retirement Account (IRA) can be a good idea for anyone who wants to be financially secure in retirement. An IRA can be a strong foundation for a retirement nest egg, along with a 401(k), pension, and Social Security.
Yet, for someone to effectively plan for their financial objectives, they need to work with a trusted company that will make them aware of the various IRA types and how they work.
One of these trusted companies is IRA Innovations. This review aims to give individuals who want to open an IRA a better understanding of IRA Innovations and their services.
This information should help individuals decide about opening an account with IRA Innovations.
Before we get started with this review:
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About IRA Innovations
IRA innovations is a self-directed IRA provider with two offices in Alabama and one in Tennessee. The company educates its clients on the benefits of having an IRA for retirement and the alternative investments they can have in an IRA.
In addition, the company offers professional account administration and transaction support services.
IRA Innovations also offers free workshops to help people understand their investment objectives and how self-directed IRAs can help them achieve their financial goals.
IRA Innovations offers thorough and reliable information on self-directed IRAs to help its clients maximize their retirement savings. The company does not promote any investments.
However, they will give their clients the information, resources, and tools they need to make self-directed IRAs easy to understand.
IRA Innovations will support its clients and make it simple and quick for them to open an account to get started on the path of financial freedom.
The Management Team
IRA Innovations has a modest two-person team, as stated on the company's website. As a result, IRA Innovations may be among the smallest IRA providers compared to other providers.
Yet, it is important to understand the perspective and background of the management team so customers can feel comfortable placing their money with the company.
Bill Gulas is the owner, operator, president, and CEO of IRA Innovations. He is a University of Alabama graduate with a master's degree in Marketing Research and a bachelor's degree in accounting.
He previously worked in the telecommunications industry and wanted to convert his 401(k) into an IRA to invest in real estate. He spoke with a CPA who did not know of an administrator or custodian in Alabama who could help him with this type of transaction.
This experience inspired him to open IRA Innovations. After 17 years in business, Bill is still passionate about managing IRAs and helping clients grow their retirement savings to build wealth.
Mike Todd is Bill Gulas's business partner, works in business development for IRA Innovations, and has been with the company from the beginning.
After earning an electrical engineering degree from the University of Alabama in Huntsville, he began his career as a sales representative for a semiconductor manufacturer.
Years later, after joining IRA Innovations, Mike uses his self-directed IRA to make personal investments in real estate, mortgage notes, and small businesses. Every presentation he gives demonstrates his passion for the industry.
In addition, Mike enjoys knowing his clients and helping them on the path to financial freedom. For more than ten years, he has counseled families about their finances. He has also given financial workshops on how individuals and families can get out of debt.
Available IRA Accounts
IRA Innovations offers four primary IRA accounts:
Self-Directed Traditional IRA
Individuals can save tax-deferred funds for retirement using a self-directed traditional IRA. Individual contributions are tax-deductible, and any gains, dividend income, or interest earned on the initial capital is tax-deferred until withdrawn.
In addition, for accounts that qualify, an IRA can provide asset protection allowing the assets to go to subsequent generations.
A self-directed IRA is distinct from conventional IRAs since it gives the owner complete freedom and control in selecting assets. The IRA owner can invest in real estate, precious metals, and many other alternative investments in a self-directed IRA.
They can also invest in stocks, mutual funds, and bonds. As a result, individuals who own a self-directed IRA will enjoy three benefits:
There are several ways to make contributions to a self-directed traditional IRA. First, individuals can contribute with their earned income up to age 70.5.
Second, they can also transfer or roll over money from a workplace plan that is already in place, like a 401(k), pension plan, or another traditional IRA.
Third, they can transfer assets to a self-directed traditional IRA if their current traditional IRA does not enable them to pick their investments.
IRA Innovations points out that they will never conflict with the investment decisions of a self-directed traditional IRA owner.
IRS and government regulations prohibit appointed financial institutions like IRA Innovations from endorsing or selling any investments.
Plus, the funds in any IRA are not FDIC-insured, and there must be enough assets in the self-directed traditional IRA to cover the fees.
Self-Directed Roth IRA
An IRA Innovations self-directed Roth IRA is among the best ways to save for retirement. The earnings on the investments are not subject to Federal income tax if they meet certain conditions.
In addition, clients can transfer money to a self-directed Roth IRA if their current Roth IRA does not permit them to choose the assets they want to own. People can convert their traditional IRA or company plan, such as a 401(k), into a self-directed Roth IRA.
However, this will be a taxable event. Yet, their income will increase tax-free.
Even though this is a taxable event, it does give self-directed Roth IRA owners the opportunity to contribute more than the $5,000 annual maximum plus the $1,000 catch-up contribution.
Plus, people can make contributions after 70.5 years of age and do not need to take distributions after they reach this age. In most cases, a self-directed Roth IRA holder may withdraw the principal investment amount without any tax liability.
IRA Innovations outlines ways for individuals to determine if a self-directed Roth IRA is the right retirement plan for them:
Customers are welcome to contact IRA Innovations to see if having a self-directed Roth IRA is appropriate for their situation.
Self-Directed SEP IRA
Simplified Employee Pension plans (SEP IRAs) may offer a simple and affordable retirement plan choice if someone is self-employed, in a partnership, or owns a corporation.
People can put the money they are saving for retirement where their expertise is by using an IRA Innovations self-directed SEP IRA.
If applicable, you contribute to a Traditional IRA on behalf of yourself and your employees when you choose a SEP IRA retirement plan.
Clients contributing to their SEP IRA can decide how much to put in the account in any given year, from 0 to 25% of earned income. The only restriction is that each employee's contribution portion must be the same in any given year.
Plus, clients can move all or a portion of their assets to an IRA Innovations self-directed SEP IRA. This move will allow them to pick their investments. Contributing to a self-directed SEP IRA is the same as a self-directed traditional IRA or Roth IRA.
Contributions to the account with earned income are the most typical method of funding a self-directed SEP IRA.
Additionally, the owner can transfer or roll over money from an existing employer plan, like a 401k, pension, or another SEP IRA that does not allow the owner to manage their assets.
A self-directed SEP IRA from IRA Innovations does not have the start-up cost and ongoing expenses of a traditional employer plan. It also permits employees to make tax-deductible contributions of up to 25% of their earnings.
Additionally, the business owner and their employees can invest their retirement savings in mortgages, real estate, and other alternative investments with a self-directed SEP IRA.
Anyone should consider getting a self-directed SEP IRA if:
SIMPLE IRA
A Savings Incentive Match Plan for Employees (SIMPLE) IRA offers business owners an option to make retirement contributions for themselves and their staff. SIMPLE IRAs are for small companies with 100 employees or less.
Employees can contribute a percentage of their salary to a self-directed SIMPLE IRA. At the same time, the employer makes a matching annual contribution. Future distributions are subject to the ordinary income tax rate.
In addition, employees can invest in real estate, mortgage notes, and other alternative investments. Plus, a SIMPLE IRA enables employees to enjoy tax-deferred retirement income.
A SIMPLE IRA enables a business owner to reduce company taxes and attract and keep talented, skilled workers. This type of account is easy to set up and manage. Plus, IRA Innovations will take care of the details.
Employees are encouraged to participate through employer payroll deductions, and there is flexibility in how much the business owner can contribute to the employee plan.
Additional IRAs
IRA Innovations also has specialized IRAs that enable account owners to focus on a specific kind of asset in the account:
Real Estate IRA
Investors have always regarded real estate as a safe and reliable investment option. Therefore, real estate IRAs are a desirable choice for many investors who want to try to maximize their retirement investing.
A self-directed IRA, called a Real Estate IRA, focuses on real estate investing. Investing in and buying many kinds of real estate and related assets with this self-directed IRA, including income-producing rental properties and commercial buildings, is possible.
Precious Metals IRA
Asset diversification helps to reduce investment risk. One of the many possibilities available to self-directed investors for diversifying their retirement portfolios is with precious metals.
Individuals can invest in all kinds of precious metals, including gold, silver, platinum, and palladium, with a precious metals IRA from IRA Innovations.
Fees
IRA Innovations charges an annual fee for their IRA accounts, and they list the fees on their website. For example:
Final Thoughts
Investing in IRA Innovations is a good idea because it has a small staff that attends to the unique requirements of its customers.
They provide a wide range of accounts and investments that customers can use to grow their retirement funds. The pricing structure is reasonable for new investors and high-net-worth individuals.
Plus, IRA Innovations provides a wide variety of acceptable investment options for every investor.
IRA Innovations is a not a scam, it is a decent company, but we do not recommend them for precious metals investors.
They are not the best choice for investors looking to make cash purchases of physical precious metals, and there are much better options for investors looking to protect their savings with physical gold and silver held in a tax protected IRA account.
We created out "Top Gold IRA Companies" list that will give you better alternatives.
You can get a Free Gold Investors Guide from our top gold and precious metals company recommendation by clicking the link above or you can read our article of the top companies we reviewed this year:
>> CLICK HERE to read our list of the Top Gold IRA Companies. <<
Or, if you like what you have read about IRA Innovations, you can go to there website below:
I started BMOGAM Viewpoints as a way to compile all my views on investing in one place. I own my home, have some real estate, and own a few stocks like most people, but what really drives my interest in investing is I have a strong love of precious metals, especially gold.
