American IRA Discusses How Potential Reforms Could Affect Self-Directed IRAs and 401(K)s

ASHEVILLE, N.C. (PRWEB) October 25, 2018

The world is changing--and retirement accounts may be changing with it. That's potentially the case if Congress enacts new laws reforming the ways that IRAs--including Self-Directed IRAs--and 401(K)s function. According to a recent post at the Self-Directed IRA administration firm American IRA, these changes are important for any retirement investor to pay attention to.

The potential changes start with IRAs. For instance, there is a proposal on the table to raise the maximum contribution age for IRAs to beyond 70 ½, as it currently stands. Because Self-Directed IRAs are governed by the same rules, it means that Self-Directed IRA contributions could continue beyond 70 ½, potentially giving investors even more time to catch up on lost investment time. And with tax deductible contributions--assuming Congress would keep those in place--it would also mean that these IRA contributions could impact the bottom line of retirement investors beyond 70 ½.

With a change in IRA laws could potentially come new reforms for other types of accounts, such as 401(K)s, Self-Directed SEP IRAs, and Self-Directed SIMPLE IRAs.

"Investors are looking at a new world in which people live longer," said Jim Hitt, CEO of American IRA. "And Congress has noticed. That's why there are currently some proposals being considered that could potentially move the age limits on some of these contributions. That's good news for retirement investors who could potentially use tax deductibility to save more money, or simply those who want to continue investing as they work beyond the age of 70 ½."

Many of the current retirement dates were set by Congress years ago, which means that they may be subjected to outdated data as it relates to life expectancy and the average retirement age. Because of those issues, Congress may have to adapt by passing new laws that could affect those with Self-Directed IRAs--and retirement investors in general.

For more information on these potential changes, view the post at http://www.AmericanIRA.com or call 866-7500-IRA.

"About:
American IRA, LLC was established in 2004 by Jim Hitt, CEO in Asheville, NC.
The mission of American IRA is to provide the highest level of customer service in the self-directed retirement industry. Jim Hitt and his team have grown the company to over $400 million in assets under administration by educating the public that their Self-Directed IRA account can invest in a variety of assets such as real estate, private lending, limited liability companies, precious metals and much more.

As a Self-Directed IRA administrator, they are a neutral third party. They do not make any recommendations to any person or entity associated with investments of any type (including financial representatives, investment promoters or companies, or employees, agents or representatives associated with these firms). They are not responsible for and are not bound by any statements, representations, warranties or agreements made by any such person or entity and do not provide any recommendation on the quality profitability or reputability of any investment, individual or company. The term "they" refers to American IRA, located in Asheville and Charlotte, NC."

Read the full story at https://www.prweb.com/releases/american_ira_discusses_how_potential_reforms_could_affect_self_directed_iras_and_401ks/prweb15846494.htm