I saved money up for a down payment for an investment property, but I can no longer obtain a loan due to changing industries for my new job. Would it be efficient to put that money in a self directed IRA? And do people have any suggestions for finding the best self directed IRA/ custodian?
You cannot just put money in an IRA. There are annual contribution limits that might be either $6K or $7K depending on your age and income thresholds. There are plans other than just a basic IRA that allow for higher contributions if you are self-employed.
A discussion with your CPA or fee-only financial planner (not a stock salesperson) might be in order.
Thanks for your response! Can you give me an example to what type of plan you are referring to?
Employer plans include SEP IRA, SIMPLE IRA, and Solo 401(k) plans.
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