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Choice IRA, LLC is a self-directed IRA custodian that specializes in helping individuals invest in alternative assets, such as real estate, private companies, and precious metals, using their IRA funds. The company was founded in 2008 and is based in Largo, Florida.
Choice IRA offers a wide range of services to its clients, including account setup and funding, transaction processing, and ongoing account maintenance. They also provide educational resources, such as webinars and educational materials, to help clients understand the self-directed IRA process and make informed investment decisions.
One of the main benefits of using Choice IRA is the flexibility it offers investors. Traditional IRAs are typically limited to investments in stocks, bonds, and mutual funds, but a self-directed IRA allows individuals to invest in a wider range of assets, including real estate, precious metals, and private companies. This can provide a greater potential for diversification and higher returns.
In addition, Choice IRA offers a wide range of account options, including traditional, Roth, SEP, and Simple IRA accounts, as well as individual 401(k) plans. This allows individuals to choose the account type that best suits their investment goals and retirement plan.
Overall, Choice IRA is a reputable and experienced self-directed IRA custodian that offers a wide range of services and account options to help individuals invest in alternative assets using their IRA funds. Their educational resources and flexible investment options make it a great choice for those looking to diversify their retirement portfolio.
Please note that self-directed IRA comes with a set of rules and regulations, it's highly recommended to consult a financial advisor and/or tax professional before making any investment decisions.
History Of Choice IRA And Kingdom Trust
Choice IRA, LLC was founded in 2008, and the company has been providing self-directed IRA custodial services to investors ever since. The company is based in Largo, Florida, and specializes in helping individuals invest in alternative assets, such as real estate, private companies, and precious metals, using their IRA funds.
In 2017, Choice IRA merged with Kingdom Trust, a South Dakota-based self-directed IRA custodian. The merger brought together two reputable and experienced companies, creating a larger and more diverse platform for investors to invest in alternative assets.
Kingdom Trust was founded in 1998, and has been providing self-directed IRA custodial services for over 20 years. The company has a reputation for being a reliable and trustworthy custodian, and has a wide range of account options available to its clients, including traditional, Roth, SEP, and Simple IRA accounts, as well as individual 401(k) plans.
The merger of Choice IRA and Kingdom Trust created one of the largest and most diverse self-directed IRA custodians in the industry, with over $12 billion in assets under custody. The combination of the two companies' expertise and resources has allowed them to provide even more services and options to their clients, making it an even more attractive choice for those looking to invest in alternative assets using their IRA funds.
Please note that self-directed IRA comes with a set of rules and regulations, it's highly recommended to consult a financial advisor and/or tax professional before making any investment decisions.
5 Things To Know About Choice IRA Before Signing Up
Self-directed IRAs come with a set of rules and regulations: It's important to be aware that self-directed IRAs come with a set of rules and regulations that must be followed, including the prohibition of certain transactions known as “prohibited transactions”. Before investing, it is highly recommended to consult a financial advisor and/or tax professional to ensure that you understand the rules and regulations and how they apply to your investment strategy.
- Alternative investments carry higher risk: Alternative investments, such as real estate, private companies, and precious metals, can carry a higher level of risk than traditional investments, such as stocks and bonds. It's important to carefully evaluate the risks associated with any investment before committing your funds.
- Due diligence is key: Self-directed IRA custodians like Choice IRA do not provide investment advice. It is your responsibility to conduct your own due diligence and research when making investment decisions. It's important to carefully evaluate the risks and potential returns of any investment before committing your funds.
- Choice IRA offers various account options: Choice IRA offers a wide range of account options, including traditional, Roth, SEP, and Simple IRA accounts, as well as individual 401(k) plans. It's important to choose the account type that best suits your investment goals and retirement plan.
- Fees vary based on the type of account and services: Choice IRA charges fees for its custodial services, which can vary depending on the type of account and the services you choose. It's important to review the fee schedule and understand the costs associated with using the custodian before opening an account.
How Choice IRAs Work
Choice IRA, LLC is a self-directed IRA custodian that specializes in helping individuals invest in alternative assets, such as real estate, private companies, and precious metals, using their IRA funds. The company offers a wide range of services to its clients, including account setup and funding, transaction processing, and ongoing account maintenance. Here's a general overview of how Choice IRA works:
Setting up an account: To start using Choice IRA, you will need to set up a self-directed IRA account. This can be done by filling out an application and providing the necessary documentation, such as a copy of your driver's license and a copy of a recent bank statement.
- Funding your account: Once your account is set up, you will need to fund it by making a contribution or transferring funds from an existing IRA.
- Investing in alternative assets: After your account is funded, you can use the funds to invest in a wide range of alternative assets, such as real estate, private companies, and precious metals. Choice IRA will provide you with the necessary paperwork and instructions to complete the investment process.
- Monitoring your investments: Choice IRA will act as the custodian of your account, which means they will handle the paperwork and administrative tasks associated with your investments. They will also provide you with account statements and other information to help you monitor the performance of your investments.
- Taking distributions: When you reach retirement age, you can take distributions from your self-directed IRA according to the rules and regulations set by the IRS. Choice IRA will assist you in taking the distributions and ensuring that they are done correctly and in compliance with the rules.
Please note that self-directed IRA comes with a set of rules and regulations, it's highly recommended to consult a financial advisor and/or tax professional before making any investment decisions.
Choice IRAs Fees
Choice IRA, LLC charges fees for its custodial services, which can vary depending on the type of account and the services you choose. Here are some examples of the types of fees that Choice IRA may charge:
- Account setup fee: This fee is charged to set up a new self-directed IRA account.
- Annual maintenance fee: This fee is charged annually to cover the cost of maintaining your account, including account statements, tax forms, and other administrative tasks.
- Funding fee: This fee may be charged when you make a contribution or transfer funds into your account.
- Investment fee: Some alternative investments, such as real estate, may have additional fees associated with them, such as closing costs or property management fees.
- Distribution fee: This fee may be charged when you take a distribution from your account.
It's important to review the fee schedule and understand the costs associated with using Choice IRA before opening an account. Some self-directed IRA custodian have a flat fee or a percentage fee based on the assets under custody. It's important to compare fees with other self-directed IRA custodian to ensure that you are getting the best value for your money.
Please note that self-directed IRA comes with a set of rules and regulations, it's highly recommended to consult a financial advisor and/or tax professional before making any investment decisions.
Choice IRA Pricing
Choice IRA, LLC charges fees for its custodial services, which can vary depending on the type of account and the services you choose. The company does not disclose their pricing online, but they do provide potential clients with a quote upon request. It is best to contact them directly for the most current and accurate pricing information.
It's important to note that some self-directed IRA custodians charge a flat fee or a percentage fee based on the assets under custody. Some other custodians charge additional fees for transaction processing or account maintenance. It's important to compare fees with other self-directed IRA custodians to ensure that you are getting the best value for your money.
It's also important to consider that self-directed IRA's may require additional costs like appraisal, closing costs, and property management fees. These costs can vary depending on the type of alternative investment you choose. It's important to carefully evaluate the costs associated with any investment before committing your funds.
Please note that self-directed IRA comes with a set of rules and regulations, it's highly recommended to consult a financial advisor and/or tax professional before making any investment decisions.
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