Self directed IRA?

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This was mentioned either in a podcast I was listening to or perhaps a book.

How exactly does this work? if you have an IRA that isnt self directed is it simply something you can choose to do?

Lots of penalties apply or...?

I know I know, "google it" but I figure the most concise and up to date info could be found through you folks.

You could transfer money from a IRA to the new self directed IRA or just add money yourself. I might cost to start up the IRA but the transfer fees are minimal. It also gives you the freedom on how your investments are made.

There are many self directed IRA custodians. There is a minimal fee to set up an account, sometimes about $50. An annual fee is about $300. You can buy real estate, notes, personal property etc.

you can invest your funds in an investment trust, which can move your funds to your corner bank, where you have control.