7. Save $1 Million for Retirement: Types of IRAs

Part 3 of the 4-part series "Journey to $1 Million+ in Retirement" continues with wealth strategist and financial analyst Terry Sacka AAMS breaking down the different types of IRAs that can help you save $1 Million for retirement or more.

Companion Guide: $1 Million+ Retirement
Support the show at: https://www.patreon.com/riggedpodcast

Episode Guide:
1) Roth vs Traditional? Is there a best type of IRA. (1:32)
2) Tax benefits and consequences of IRA accounts (3:00)
3) About the Self-Employed or SEP IRA (5:05)
4) What is a Self-Directed IRA? The IRA most people don't know exists (6:18)
5) About IRA Rollovers and title-less investments (7:16)
6) About Self-Directed IRAs and titled investments (8:50)
7) About precious metals, gold and silver (9:25)
8) How to hedge against intangible paper assets with physical tangible assets (11:45)
9) Learn from Gone with The Wind (12:05)

To reach a Cornerstone Wealth Advisor:
email:  clientsupport@cammetals.com
telephone: (888) 747-3309

Transcript

Terry Sacka, AAMS:   0:00
Welcome to RIGGED, the podcast that helps you RIG the wealth game back in your favor. I'm Terry Sacka. And how do we do that? Two ways. By arming you with knowledge of the wealthy and through diversification into tangible assets. I'm speaking of precious metals such as gold and silver, which are true money and have held their value throughout history. Gold and Silver can be purchased outright and shipped to you, held in a private storage vault and even bought through your IRA or 401k retirement account. If you'd like to speak to a wealth management specialist right now about building wealth through tangible assets, call us at (888) 747-3309 or visit CornerstoneAssetMetals.com. Make that call that will change your life and your perspective on wealth. Call (888) 747-3309 or visit CornerstoneAssetMetals.com. Today we're going to talk about how to save a $1,000,000 for retirement, and this one's going to get into the IRA structures. I know there's a handful of IRAs and many people don't always know which one to use or which one to strategically get involved into. So I'm Terry Sack and welcome. Let's get into IRAs and how to save for a $1,000,000 because we talked about the 401k and maxing that out through your employer, which is very, very smart. But then, when it comes to IRAs, we have a handful of choices. No, if you're working for an employer , and you're just an employee. You have a couple choices with a traditional IRA and then a Roth IRA. A traditional IRA is something you can contribute upwards to. I believe it's now about Let's see, we're about $6000 now a year, and if you're over 50 years old, you can do up to $7000 a year in contribution, and that would be tax deferred so you don't pay taxes on it. It's deferred. In a traditional IRA In that IRA of course, you can go into the stock market by any type of stock or bond or investment mutual fund E T. F. Whatever you choose. That seems to be the average IRA. A lot of people like the idea of tax deferred A. They got this wrapped in their mind that they just should take advantage of every penny. And I know to some extent we have said that, especially within the 401k. But this is a little different. Have a different spin on it. And here's why. A traditional is tax deferred and so therefore you you get it taken out of your check. You don't pay any taxes on it. You can contribute upwards to $6000 if you're under the age 50. And there you go. And then you just start investing in a Roth IRA, a Roth IRA. You actually pay your taxes first, and then you go and contribute your money to the IRA. Now the benefit there is that a Roth IRA You don't pay taxes on in the future, and that's a big deal. I personally don't trust the tax code. I have a feeling we're gonna pay a lot higher taxes in the future, folks, in lieu of everything that we see right now in the trillions and currency being created out of thin air in the trillions of bailouts, we are already in an epic point where this whole system's collapsing. Anyway. I give us till 2023, 2024 and we're going to see a financial system globally that will be unlike anything you can imagine. And if I have it, if I think it's going the way I think it's, we're going to be slaves back to Egypt. But that's another story in the Roth IRA right now. You can do it because I do believe will have tremendously higher taxes in the future. We're just gonna have to. We cannot sustain what we're going through right now and what's going to be coming in the future. So a Roth IRA allows you to invest and not have to worry about taxes in the future, which will probably be a lot higher. So if I had a choice, I would pay my taxes right now, get it out of the way and go into the Roth IRA. If you wanted to get into the stock market or the bond market, if you were going to the stock market bond market, that would be the way to approach it on. And I do think the Roth is a better choice because of taxes in the future. But again, you know each of you have to make that choice on, then talk to your tax advisers for that. Now There's also the SEP IRA, Ray. It's really kind of what they would call a kind of a self employed IRA. The SEP is really unique. I like the SEP because you can contribute 25% now. This is for people who are self employed, and it's pretty nice. If you're self employed and you have employees, you kind of have to do the same matching qualities. But if you're self employed, this is a huge, huge area for you. A self employed IRA, a SEP IRA. You can contribute 25% of your income up to $57,000 a year. That's pretty extraordinary. No, that's what I call you know, tax strategy, investment strategy. So if you're self employed, you definitely want to take advantage of that. But with also within the SEP IRA, the only thing is you'll have to check in with what you're If you do have employees, what your status is. Check with your tax advisor on that because unfortunately you do have to match what you do for your employees, they have to have the same opportunity, so just keep that in mind as well. Now, the biggest component of all of these IRAs that I like, which most people do not know exists, is a self directed IRA. Now, in a self directed IRA, it's basically a form of a traditional IRA. You can actually roll over your SEP or your traditional or your raw. You can roll these things over into what we call a self directed IRA. Now the advantage there in a typical IRA format, you can only go into really the stocks in the bonds, and you have a limit of what you could do for investing. Of course, you could do your ETFs and your mutual funds, but in a self directed IRA, you can do artwork, land and precious metals. It is so easy to roll over and transfer from a traditional IRA or Roth IRA. You literally prepare two pages of paperwork, a couple $100 in set up fees, and you can roll your balance over that is being invested into the stock market. Get out of the market that basically has no title, because remember, you may the old days anyway, the stocks used to be titles, you would actually get a stock certificate. You would get a form of title to ownership of a piece of that company. Well, today, that's just not the case, unfortunately, and we could get into a big discussion on that one. But the bottom line is there's so many billions of transactions that these air just digits in the cosmos. The computer world. They don't really do official settlements on these trades, and they really don't have an ownership quality to the underlying or anymore. It's just different. Where and I called title now, mind you. So you combined. You can sell in the market. You're pretty much speculating, but it's all one form of investing. No matter what you're investing in in the stock market or the bonds, it's all one form. It's titlists and it's paper. Now, for the last 50 years or so, that was actually pretty good. There are a lot of great opportunities, and I'm not saying there wasn't, but we're coming to a period of a cycle of our currency that now it is imperative that you are entitled assets now that would be forms of artwork or land or precious metals. Now land, of course, you get a title. If you pay cash for the land, you own it. Same with artwork. You own it. Precious metals, gold and silver, platinum, palladium rhodium you owned them so you can actually go into a self directed IRA roll. It rate over simply from your traditional IRA, and you can go and purchase precious metal like gold and silver. Now the fact is, without debate, gold has outperformed the stock market and darling Warren Buffett by a astronomical number. It's now like 50 60% if not higher, over 20 years. So since the year 2000 gold has outperformed. So if you just bought gold and put it in your IRA and left it there since 2000 you wouldn't have had to care about the 2008 market crash. You wouldn't have had the emotion off, the up and down, or the uncertainty of management in what companies doing what now granted there is an advantage if you bought individual stocks like Amazon or Apple or them at the beginning, because those exponentially when when when high. But the point is on the overall of the market gold has outperformed over the last 20 years. So having at least 1/3 of your portfolio in precious metals is definitely wise because it's a titled tangible asset that you own, even though it is in a depository in your name, the metals, their physical in their in your name and you own them. And then this day and age it is so vital, were on the verge of potential war. We have plandemics and other catastrophic issues that will have consequences in the future to all the financial system. The banks are in default, no matter what it looks like. These banks are not really. They are so leveraged out so collateral out there in default, but they're allowing it to function because it's fractional banking. So I highly recommend it taken and consider a self directed IRA if you really want to get there, because right now the projection for gold going forward and silver the sleeper in the laggard. Considering what they're doing in the manipulated world, they're All you have to do is look at Scotia Bank to know it's getting close because they're unwinding their position after hundreds of years of manipulation because they're getting ready for something. And I think you to find yourself in a physical position of gold and silver in a self directed IRA will give you such a peace of mind for the future, not only as a hedge to your other investments in the market system in the paper title is world, but something that you could actually have sent home to you and worry about the taxes later. But at least you would have something in your hand and always think back to Gone with the wind, where she reached in her dress and pulled out gold and said, We could do something. We actually have something to do because remember the South, their currency went to zero. Here they were rich and wealthy. In the South. They go to the Civil War and boom. Now all of them are poor. That's what I mean by title is assets. You may think you're wealthy in the stock market, but folks do not underestimate that were near epic times time that you have to be diversified, and I think having tangible assets now. Land is fantastic, art is fantastic, but they're not as liquid as gold and silver and to roll over so simply and seamlessly into a self directed IRA and own it. While you can still get it, I think you'll find a tremendous benefit to getting you to save in for a $1,000,000 for retirement. So until next week, God bless each and every one of you. The world is at a tipping point. Our fragile food supply is being destroyed by locusts and fires. A global viral pandemic is collapsing the economic supply chain impacting financial markets all around the world, leaving you and your finances more vulnerable than ever. Now is the time to protect and preserve your assets. Cornerstone Asset Metals is here to help you protect and preserve what you've worked so hard to gain. Whether you have IRAs to protect for a one case to preserve or cash in the bank, our asset specialists are here to support you. Call now, and we'll send you urgent information regarding changes to the dollar and the challenges to our economy that you need to be prepared for. Learn how easy it is to roll over your current IRA or 401K into a physical precious metals IRA. We can even arrange to have your precious metal stored in a private vault or send it directly to your home. Do not delay. Call (888) 747-3309 today, that's(888) 747-3309 Invest in precious metals and create security in your future today. Call now.