So there are new issues arising that are severe with IRA custodians scamming their clients out of money. In the New York Times, the article describes that Fiserv has been caught up in Ponzi Schemes and IRAs not just with Bernie Madoff.
The thought was that no one could ever run scams that would include stealing from IRAs but that has been debunked with the issues surrounding Fiserv.
The IRAs were known as “self-directed IRAs” which are IRAs that are invested in other assets besides stocks, bonds, and mutual funds. The assets are in investment vehicles such as Real Estate, hedge funds, and commodities. Self-directed IRAs are individually steered by their investors as opposed to sitting in traditional stocks and bonds for a long period of time.
These issues that Fiserv has been sued for wasn’t the fact that they steered their clients towards specific investments, which they didn’t, but rather that they didn’t do their fiduciary duty to oversee that the accounts weren’t involved in any fraud.
So is Fiserv a bad IRA custodian? It is tough to say. The fact that some scammers and fraudulent people used Fiserv as a tool for their own private gain does not mean that Fiserv or other IRA custodians are unsafe.
The point is that whenever anyone is working towards investing and has a plan to have a wealthy IRA in retirement, they must be more careful and oversee their own retirements. Investors must be more involved in their financial futures. Money can either be a terrible master or an excellent slave. By managing your retirement funds directly, it keeps money working for you and it keeps your money working hard where you want it.
There needs to be a focus on self-directed IRAs, and investing your IRA in Real Estate is a great way to make sure that you have total control over your financial future. The IRA can also partner with a non-recourse loan that will help the investor to purchase up to 70% more Real Estate using 30% of their IRA funds to purchase either commercial or residential properties.
Remember, whether you are choosing an IRA custodian or directing your IRA yourself, it is always important to be sure to keep a close eye on your investments. It is also important to buy the cheapest Real Estate in fifty years.
Retiring with dignity and with success depends on a watchful and diligent eye.
Paul R. Whitacre is a managing partner at WealthyIRA.com. Our vision is to teach others to invest their IRAs and 401(k)s in the deepest discounted Real Estate in decades. Check out more at our http://www.WealthyIRA.com blog and follow us on Twitter at http://www.Twitter.com/WealthyIRA
Distributed by http://www.ContentCrooner.com
|
|