If you are investing in a Roth IRA, you might know all the advantages it provides for retirement savings. But can you have multiple Roth IRAs? If yes, what are the pros and cons? Take a look at this article to get all your questions answered. What is a Roth IRA? A Roth IRA (Individual […] The post Can You Have Multiple Roth IRAs? appeared first on Self Directed Retirement Plans ..read more

Have you ever imagined you could save for all your medical expenses yet have tax-free transactions related to these medical costs? You can do so with a health savings account (HSA). A triple-taxed advantaged medical savings account, an HSA will help you set aside some money from your income to save for unexpected medical costs […] The post Health Savings Account – What Is It and How to Open It? appeared first on Self Directed Retirement Plans ..read more

If you are a permanent life insurance policyholder, you can take advantage of the infinite banking concept. But what exactly is it, and is it best for you? What is Infinite Banking? Infinite banking is a financial strategy that utilizes a permanent life insurance policy, typically whole life insurance, as a personal line of credit. […] The post Infinite Banking: What Is It and How Does It Work? appeared first on Self Directed Retirement Plans ..read more

You can access your 401k to help buy a house, but it’s not necessarily the best course of action. It is best to consult with a financial advisor to explore all your options before deciding to tap into your 401k for a home purchase. Down payment is the biggest entry barrier to buying a house. […] The post Can I Use My 401k to Buy A House? appeared first on Self Directed Retirement Plans ..read more

In the world of personal finance, velocity banking has become increasingly popular among homeowners looking to manage debt and build wealth. But is it the right fit for your long-term financial goals? Velocity banking is essentially using a low-interest loan to pay off higher-interest debt, taking advantage of interest rates and simple interest calculations. However, […] The post Velocity Banking: Definition, Pros and Cons, FAQs appeared first on Self Directed Retirement Plans ..read more

Setting up a college savings account is a smart move to invest in education, whether it’s for yourself, a family member, or a friend. There are different ways to save for higher education, some of which offer tax benefits. The best choice depends on personal needs and goals. In this blog about saving for college, […] The post What Is a Coverdell Education Savings Account? appeared first on Self Directed Retirement Plans ..read more

Ever just sit back and ponder about that whole net worth thing being your undercover ally for a cozy retirement? It’s way more than just sneaking a peek at your savings account; it’s about hugging all aspects of your dough and assets. According to the Federal Reserve’s latest survey of Consumer Finances in 2019, if […] The post What Should Your Net Worth Be When You Retire? appeared first on Self Directed Retirement Plans ..read more

Have you changed jobs multiple times throughout your career? If so, you may have left behind a trail of old 401(k) accounts. While it’s easy to forget about these accounts, they could hide significant money contributing to your retirement savings. Do you want to know how to find old 401k accounts and what to do […] The post How to Find Your Old 401(K) & What to Do When You Find It appeared first on Self Directed Retirement Plans ..read more

When it comes to retirement, standard 401K investments typically make the most sense. You don’t have to pay taxes until you start withdrawing them and getting good investing chances. Still, retirement planning can be a daunting task for many of you. Especially when you are trying to figure out “how long will my 401k last.” […] The post How Long Will My 401k Last? appeared first on Self Directed Retirement Plans ..read more

Do you want to retire or be extremely wealthy early in your life? Building wealth in your 20s is one of the simplest methods to accomplish this. Because you are constantly learning from your mistakes, your 20s are the best years to set yourself up financially with minimal risk or downside. Your financial experiences during […] The post How To Build Wealth In Your 20s appeared first on Self Directed Retirement Plans ..read more