A Little Knowledge Goes a Long Way with an IRA

Written by admin on . Posted in Ira custodian, Irs publication 590, Self direct ira

Self employed retirement

No, an IRA custodian cannot be an individual. Government agencies and laws do as much to protect the investor (you) as much as possible by stating that Individuals cannot legally be the custodian of an IRA. So what is an IRA custodian. IRA custodians are financial institutions such as brokerages or banks that have pledged to take fiduciary responsibility over a clients assets. This means that the financial institution must act in the best interest of the client.

Established in 1974 by the Employee Retirement Income Security Act, self directed IRAs can be a great piece to retirement plans for the self employed. In 2011 the average IRA fund was over $91,000. They are so successful that when measured in 2012 statisticians found that one out of every three people in the United States had one. However t