AWW$HEEET Posted December 12, 2011 Report Share Posted December 12, 2011 anyone have one of these? anyone know the ins and outs of starting one? i have an established 401k, but need help on establishing this new type of fund. thanks. Quote Link to comment Share on other sites More sharing options...
Tractor Posted December 13, 2011 Report Share Posted December 13, 2011 Don't have one, but am planning to have one in the future. Quote Link to comment Share on other sites More sharing options...
XChris1632X Posted December 13, 2011 Report Share Posted December 13, 2011 I have a few through USAA. For me it was easy to set up online and automatically transfers a healthy sum of money to each from my checking account every month. I have one for retirement and money for my kids down the road. Quote Link to comment Share on other sites More sharing options...
Akula Posted December 13, 2011 Report Share Posted December 13, 2011 I have a Roth IRA and some mutual funds. Hoping for another IPO. Quote Link to comment Share on other sites More sharing options...
Littleguy Posted December 13, 2011 Report Share Posted December 13, 2011 I have a self directed roth 401k with the bank I work for. I just had to send in one form and now my contributions/match go into an account that I can do whatever I want with, basically. IMO this is the best option I've ever had for a retirement account. Quote Link to comment Share on other sites More sharing options...
LPFSTheFett Posted December 13, 2011 Report Share Posted December 13, 2011 (edited) .. Edited December 13, 2011 by LPFSTheFett post of no help Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted December 13, 2011 Author Report Share Posted December 13, 2011 I have a self directed roth 401k with the bank I work for. I just had to send in one form and now my contributions/match go into an account that I can do whatever I want with, basically. IMO this is the best option I've ever had for a retirement account. What bank do you work for? I heard most banks don't like doing them. Quote Link to comment Share on other sites More sharing options...
LPFSTheFett Posted December 13, 2011 Report Share Posted December 13, 2011 (edited) .. Edited December 13, 2011 by LPFSTheFett post of no help Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted December 13, 2011 Author Report Share Posted December 13, 2011 I dont think you get it. This is a SELF DIRECTED IRA. I understand the differences between traditional and roth. This self directed vehicle is less common, banks dont like to do them, and you can deposit/withdraw money as needed for investments, without penalty. I cannot find much info on them, thats why i posted here. Quote Link to comment Share on other sites More sharing options...
Trouble Maker Posted December 13, 2011 Report Share Posted December 13, 2011 I have a guy we work with at AXA, highly suggested by friends and we've liked him so far. Might be worth it to go in and talk to him or even anyone at any investment firm? Quote Link to comment Share on other sites More sharing options...
Littleguy Posted December 13, 2011 Report Share Posted December 13, 2011 What bank do you work for? I heard most banks don't like doing them. I work for Bank of Texas/BOK Financial. The way mine works is instead of going into one of the fund choices my contribution/match goes into a BOK brokerage account (cash equivilants) and I buy/sell/trade pretty much whatever stocks, bonds, etfs, funds, etc... that I want. This is the first company I've worked for that let's me do it and I love it! I've always loved investing and it really bothers me to have to chose between the limited amount of funds available, pay high commissions, and they are so diverse it's hard to get ahead. Quote Link to comment Share on other sites More sharing options...
Littleguy Posted December 14, 2011 Report Share Posted December 14, 2011 Shoot me a PM if you want a BOK contact to tell you more about it. Quote Link to comment Share on other sites More sharing options...
GSXRAntwon Posted December 14, 2011 Report Share Posted December 14, 2011 Does anyone know if Chase does a self directed IRA? Ive wanted to start one for awhile now Quote Link to comment Share on other sites More sharing options...
Tractor Posted December 14, 2011 Report Share Posted December 14, 2011 I work for Bank of Texas/BOK Financial. The way mine works is instead of going into one of the fund choices my contribution/match goes into a BOK brokerage account (cash equivilants) and I buy/sell/trade pretty much whatever stocks, bonds, etfs, funds, etc... that I want. This is the first company I've worked for that let's me do it and I love it! I've always loved investing and it really bothers me to have to chose between the limited amount of funds available, pay high commissions, and they are so diverse it's hard to get ahead. This is what I had thought self directed meant. How is the tax handled? Up front or at withdrawal or both? Quote Link to comment Share on other sites More sharing options...
Littleguy Posted December 14, 2011 Report Share Posted December 14, 2011 This is what I had thought self directed meant. How is the tax handled? Up front or at withdrawal or both? Tax is handled the same as with a regular 401K deduction. In my case the Roth just contributes after tax money so there is no difference. And since it's in a Roth account there is no tax from capital gains so that isn't a problem either. It really is the best retirement account option I've had. Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted December 14, 2011 Author Report Share Posted December 14, 2011 Tax is handled the same as with a regular 401K deduction. In my case the Roth just contributes after tax money so there is no difference. And since it's in a Roth account there is no tax from capital gains so that isn't a problem either. It really is the best retirement account option I've had. So wait, let me get this straight, if you do it as a roth, you aren't subject to short or longterm capital gains? Quote Link to comment Share on other sites More sharing options...
mrs.cos Posted December 14, 2011 Report Share Posted December 14, 2011 We have a Vanguard account, but thats about as much as i know about it.. I think its a IRA. Quote Link to comment Share on other sites More sharing options...
Littleguy Posted December 14, 2011 Report Share Posted December 14, 2011 So wait, let me get this straight, if you do it as a roth, you aren't subject to short or longterm capital gains? As long as the gains remain in the Roth 401K account it's just like gains in any other Roth IRA, I've already been taxed on it. Quote Link to comment Share on other sites More sharing options...
Littleguy Posted December 14, 2011 Report Share Posted December 14, 2011 Here is a wiki investments link http://www.wikinvest.com/wiki/Roth_401(k)_Plan I've also confirmed this with multiple people at my bank. No taxes on capital gains or interest earned. Quote Link to comment Share on other sites More sharing options...
AngryBMW Posted December 14, 2011 Report Share Posted December 14, 2011 As long as the gains remain in the Roth 401K account it's just like gains in any other Roth IRA, I've already been taxed on it. I would be interested in a contact person to discuss this option with... -Marc Quote Link to comment Share on other sites More sharing options...
Littleguy Posted December 14, 2011 Report Share Posted December 14, 2011 I would be interested in a contact person to discuss this option with... -Marc My FA is out of the office for the rest of the day but as soon as I see him next I'll get the right person's contact info and send it to you via PM. -Norm. Quote Link to comment Share on other sites More sharing options...
Tractor Posted December 15, 2011 Report Share Posted December 15, 2011 I saw that I could open them through my broker (scottrade), but haven't looked at them any more in years. My wife and I are getting to a point were we need to start putting money in more investment type accounts to reduce taxable income and have been going to look into reorganizing my business and maybe setting up some accounts through it as well. Quote Link to comment Share on other sites More sharing options...
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