Our comprehensive research has found American IRA to be a reliable investment option, but we will also evaluate other companies with superior reviews and more reasonable fees in our in-depth review.
To see a list of the best companies in 2023 click the link below:
<< Click Here To Discover The Best Gold IRA Companies of 2023 >>
If you’re in a rush, here are our top 3 picks with some information about them:
#1 BEST OVERALL: Goldco
#2 BEST FOR HIGH NET WORTH INDIVIDUALS: Augusta Precious Metals
August Precious Metals Detailed Review
#3 BEST FOR INVESTMENTS UNDER $5000: Birch Gold Group
Birch Gold Group Detailed Review
Self-directed IRA services have become an increasingly popular choice for investors who prefer to have greater control over their retirement savings. Founded by Jim Hitt, American IRA is a premier provider of self-directed IRAs.
Through this platform, investors are given the flexibility to choose investments across a broad range of asset classes, such as real estate, private lending, precious metals, and mutual funds.
It can be difficult to determine which option is best for you when it comes to planning for retirement, but researching the pros and cons of each investment vehicle beforehand can make your life much easier down the road.
Self-directed IRAs offer tax advantages that may help you save money now and in the future. American IRA also offers its customers Roth IRAs and precious metals accounts – both allowing participants to make quick decisions based on market conditions and trends with limited taxes or fees.
Navigating through all these details can be overwhelming at times, but armed with the right information and guidance, every investor can find success in utilizing American IRA services when investing in their retirement savings.
In this blog, we will talk about American IRA in detail. We will discuss its features, fees, and potential risks. We will also look at the different investment options available through American IRA and talk about their potential benefits and drawbacks.
About American IRA
#1 Readers Choice
American IRA is a self-directed retirement investor with headquarters in North Carolina. It was once the franchisee of the larger provider, Entrust Group. The company gives investors access to a variety of investment instruments, including real estate, precious metals, private placements, private lending, and more.
Its customers have given it an above-average rating on the Better Business Bureau and its Google page, evidenced by 19 reviews circulating with a 4.3-star rating out of five stars.
As any company does, American IRA makes its revenue from service fees charged to its clients for their investments.
Management Team of American IRA
American IRA Jim Hitt
With over 40 years of experience in all aspects of investing, Jeffrey Hitt is no stranger to the atmosphere. His journey commenced as early as 1982 when he began using self-directed IRA accounts for his own investing.
He not only focuses on the investments aspect of real estate but also strives to make the financing aspect accessible too, allowing clients to invest in nontraditional assets by setting up Limited Liability Corporations (LLCs).
His savvy skills go beyond simply handing out standard advice; he educates his clients on how to ascertain tax-free income and maximize their choices with even more returns. Being headquartered in Asheville, North Carolina allows Hitt to fully appreciate the beauty and benefits that investing can bring – something that his satisfied customers must agree with, too.
American IRA: Sean McKay
Sean McKay brings an impressive background in the field of real estate, having obtained his Bachelor’s degree in Economics and his subsequent 15 years of experience in cultivating portfolios of rental properties, tax certificates, and notes.
Furthermore, he is on the Board of Directors at Metrolina REIA and has served as chairman at the Charlotte Landlord Group, thus showcasing his deep understanding of the marketplace and aptitude for profitably managing commercial investments.
America IRA Products and Services
American IRA provides a comprehensive suite of products and services tailored to meet the individual needs and goals of any investor.
From traditional IRAs, savings accounts, and certificates of deposits to both conventional and self-directed investments such as stocks, mutual funds, bonds, REITs, and private offerings, American IRA’s portfolio selection is sure to have something for everyone.
With unparalleled support and guidance available for each step in the investing journey, American IRA stands ready to help investors design their ideal investment portfolio.
Self-Directed Traditional IRA
A traditional IRA is one of the most popular retirement accounts for individuals looking to save for retirement. It allows you to delay payment of taxes on your income until you withdraw it. Plus, any growth within the account is not taxed until you take it out.
Contributions are tax deductible in the year they are made, meaning that you can benefit from certain tax exemptions while building up your retirement savings.
The self-directed simple IRA nature of these accounts gives you the freedom to invest in a variety of assets, including stocks, bonds, mutual funds, health savings accounts, and more.
However, there is an age limit when contributing; once you reach 72 years old, you must stop making contributions.
With all this flexibility and potential for saving money through taxation exemptions, it’s understandable why a traditional IRA is such a simple and effective way to save for retirement.
Self-Directed Roth IRA
#1 Readers Choice
A Self-Directed Roth IRA is an advantageous way to invest for retirement. With this kind of tax-advantageous investment vehicle, tax liens are paid off the top of your contribution which allows tax-free growth in your earnings over time if you meet specified conditions.
You don’t need to worry about age limits on contributions or required withdrawals when you reach a certain age. Additionally, you can potentially withdraw contributed principal at any time without tax liability.
All things considered, investing in a Self-Directed Roth IRA puts you in control of responsibly managing and fortifying your financial future.
Self-Directed SEP IRA
A self-directed SEP IRA is an Individual Retirement Account (IRA) that utilizes tax incentives and other strategic advantages to help employees accumulate a financial nest egg.
Employers are able to make contributions directly to each employee’s account, greatly assisting individuals who wish to use a self-directed plan for retirement rather than rely on their employer for traditional pension benefits.
With this form of IRA, the account holder has full control over investment decisions within the rules governing an IRA.
As such, those looking for more freedom in forming their own retirement portfolio may find higher returns with a self-directed SEP IRA.
Self-Directed IRA Solo 401(k)
The self-directed Solo 401(k) is a powerful retirement savings tool that should be taken advantage of by business owners and entrepreneurs who meet the eligibility requirements.
As the owner of the plan, you can contribute as both an employer and an employee, providing higher annual contribution limits than most other 401(k) plans.
You also gain access to funding options like real estate investments and cryptocurrencies, earning it its nickname: a self-directed IRA on performance-enhancing drugs.
Self-Directed SIMPLE IRA
#1 Readers Choice
A self-directed SIMPLE IRA is an ideal solution for those looking to build their retirement fund without much administrative hassle. With its low startup and operating costs, this retirement option provides flexibility with regard to types of investments, making it an attractive choice.
Those who wish to manage their IRA themselves can benefit from the tax advantages while also having control over how their money is invested. It’s important to understand the rules associated with a SIMPLE IRA before setting one up and taking on any other related expenses.
Ultimately, this retirement plan offers a great opportunity to be in complete control of your finances post-career.
Self-Directed Health Savings Account
Setting up a Self-Directed HSA – Health Savings Account – is an easy and worry-free process. All you need to be eligible for one of these tax-exempt trust or custodial accounts is to be an eligible individual as per IRS requirements.
Working with a qualified HSA trustee, like a bank or insurance company that is approved by the IRS to be individual retirement arrangements (IRAs), makes it even easier. In fact, you don’t even need to get permission from the IRS to establish an HSA.
What’s more, a great aspect of having a Self-Directed HSA is that it can be established through a trustee that is different from your health plan provider.
Self-Directed Coverdell Education Savings Account
The Self-Directed Coverdell Education Savings Account is an ideal investment option for parents and students looking to attain higher education. As it was created to motivate educational savings and offer tax breaks, it is a solid platform for investing.
With American IRA, you have access to help in setting up the account for your unique needs, as well as trustworthy guidance on how to make wise investments with your funds.
Reach out today at 1-866-7500-IRA(472) or firstname.lastname@example.org if you have questions regarding this smart savings option. Also, if you are a client needing information on investment process options contact us at 1-866-7500-IRA(472) or email@example.com.
American IRA Self-Directed IRAs Fee
The American IRA fee schedule boasts a simple approach compared to other investment account providers. Rather than complicated calculations based on account value or percentages, the fees are straightforward.
Every service has its own individual fee that is easy to understand. For example, one-time accounts will incur a $50 fee, while an unlimited account carries a $450 fee.
The minimum cash balance required for an account is $750 with additional transactions, such as wire transfers, carrying fees of up to $30. Documents, such as notary, require only a $5 fee.
Should you need special services, there is an additional cost of $75 charged per 30 minutes, and account termination will require 0.5% of the balance, with a minimum of $150 and a maximum of $500.
To ensure your experience runs as smoothly as possible, there are several helpful, affordable services at your disposal ranging from a copy of statement requests which only cost $15 to deposit research at just $25.
To make investing easy for all our customers, we also charge a 4% credit card convenience fee for any payments with must be made by this method.
American IRA Rollover Rules
The rollover process with American IRA has never been easier. Moving a 401(k) into an IRA allows investors to continue putting money towards their long-term savings goals like retirement. Moreover, American IRA does not charge opening, closing, or transfer fees for investors who initiate the rollover.
After the 401(k) is rolled over, it gains access to a wide range of investment options as well as other features that come with an IRA account.
It is worth noting that any assets withdrawn from an IRA or 401(k) prior to the age of 59 ½ may incur a 10% early withdrawal penalty from the IRS which applies regardless of whether the account was rolled over or not.
This penalty can be waived under certain conditions such as educational expenses and first home purchases. All in all, American IRA’s rollover tool makes it easier than ever to transition your 401(k).
American IRA Transfers
Investors who consider a change to American IRA need not worry about the ease of transferring their assets: no matter if you’re coming from another provider or completing a trustee-to-trustee transfer, American IRA offers a simple and straightforward solution.
When making their pitch, the company emphasizes that the two key incentives for joining are low fees and access to valuable guidance.
Fortunately, transfers can be done through any convenient method — either online, over the phone, or through an Investor Center visit. Ultimately, this means that switching to American IRA won’t eat into your wallet and will come with expert advice.
Pros and Cons of American IRA
- Low fees
- Access to valuable guidance
- Simple and straightforward transfer process
- Convenient methods for transfers
- Expert advice
- Early withdrawal penalty from IRS
- Minimum cash balance requirement of $750
- 4% credit card convenience fee for payments
- Additional cost of $75 per 30 minutes for special services
- Deposit research cost $25
- Copy of statement requests costs $15
Customer Reviews About American IRA
American IRA has earned positive feedback from customers when it comes to their helpful customer service, low fees, and ease of use. Despite potential issues raised by some individuals on sites like the Better Business Bureau and Trustpilot, such as slow processing times and a lack of transparency, many are still satisfied with American IRA’s services.
The company has put in efforts to address customer complaints by providing better customer service and establishing proper transparency, leading to more favorable reviews from people who have used its products or services.
“They are always there to help when you need it. Intelligent, knowledgeable, ****************. This is the kind of company you need for your retirement money.“
5-star rating on BBB
“Had to do a time-sensitive loan while i was out of town…. The team did not skip a beat. My transaction was seamless. Very happy that they make sure all the i’s are dotted and the t’s are crossed.”
4-star rating on Trustpilot
“We have been clients of American IRA for 12 years. They have been great to work with. We have a self-directed real estate IRA and recently sold one of our properties. Patrick Saxe was great to work with and made the process easy. I highly recommend Patrick and American IRA.”
5-star rating on Google