Set-up a Self-Directed IRA or Solo 401(k)

If you're looking to transfer your Charles Schwab Solo 401(k), there's no need to cancel your plan altogether. Instead, all you have to do is terminate your service with Charles Schwab specifically for the plan. Don't worry, we'll guide you through this seamless process when you choose to move your account to IRAR.

No. However, if you are your own boss and have no employees, you have the opportunity to open a Solo 401(k). If you don't have a business, don't fret! You can still explore the options of opening a Traditional IRA or a Roth IRA.

In order to move your existing plan to a self-directed plan that allows alternative assets like real estate, you need to set up an account with a custodian that allows alternative assets. Research Self Directed IRA companies and compare fees and services.

Opening a self-directed IRA is not so hard and you can do it yourself. You will need to open the account with a self-directed IRA custodian. Be sure to compare custodians first. You will need to have a digital copy of a government issued ID or Driver's License— a passport is also acceptable by most financial institutions. If you existing retirement savings you can move these to your new self-directed IRA. This is the first step to self-directed investing.

You can open an IRA account at IRAR Trust because IRAR Trust is a custodian for self-directed IRAs. Not all banks or financial institutions offer self-directed IRAs. In fact companies like; Fidelity, Schwab, or Wells Fargo to name a few, do not allow you to invest in alternative assets such as real estate or private equity in IRAs. You should always research and  compare custodians before opening an account.

Yes. You can open an IRA online by completing a new account application. It's very easy. You just need to have a digital copy of your driver's license or personal ID (pdf or image.) Make sure the copy is legible. If you are moving existing retirement savings to your  new IRA, you will receive additional instructions via email.

A self-directed IRA allows alternative, tangible, assets, like real estate and you choose the investments (not from a list). More than likely, you do not have a self-directed IRA.