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Sun 13 Jul, 2008 06:08 pm
I've had the misfortune of watching my IRA do next to nothing for so many years now that I find it to be somewhat a cause of despair that I am forced to trust some "financial company" to have ANY interest in MY future, in which to place this sum of money that though it is mine - at the same time - it is not mine. If I had MY choice, I would surely purchase some property here where I live or at the beaches nearby - it's a guaranteed terrific investment, prices have done nothing but increase around this area. (about 5X in the past few years)Why should I have to follow someone else ADVICE to deal with MY OWN retirement money? Well, at least what I HOPE turns out to be my IRA money when the R for retirement finally does comes along (if I don't die first?) It looks as though my retirement will come an awfully long time before that miserable little fund ever turns into something that remotely resembles money for MY benefit. Or why is that I have to "roll it over" to some other money grubbing financial group, or a financial enterprise in order for it to be an "LEGAL" way to deal with my own retirement money? I know that I AM incredibly naive & I must sound like a total idiot when it comes to matters of high finance, but I sort of expected the "financial concern" that I entrusted with proper handling of my IRA would do a better job than has been done thus far.
If it's going to increase another 5x in the next few years, close it out, pay the taxes and penalty if there's a penalty. Invest it.
While you can buy property in a retirement account, my understanding is the rules are such that you can't borrow money to do so. This makes it difficult to buy property and most retirement accounts buy REITs if they want property in the portfolio.
That's why Roger suggests closing your IRA, taking the tax and penalty hits and investing in a "sure thing."
Of course, the stock market is a "sure thing" which is why we should all have our SS money invested in it. You can't honestly expect us to believe you aren't making money on a "sure thing." The market is "guaranteed." But if your 5X is guaranteed on property, you might prefer that guarantee to the one you have now. It will only cost you about 30% of your retirement accounts to get that "guarantee."
When there is a guarantee on any investment, I turn and run away from it.
That old saying, if it sounds too good to be true, it usually is. Easy money usually turns out to be no money.
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