There are many choices when it comes to saving for retirement. Many people are looking for alternatives to the standard IRA or Roth IRA that invests primarily in stocks, mutual funds and bonds. There are a variety of choices when selecting a retirement plan type such as a solo 401k. There are also several types of Self-Directed IRA plans such as the Self-Directed IRA Real Estate, Self-Directed Roth IRA, and the Self-Directed IRA LLC. All of these plan types offer some great ways to save for retirement tax free.
Anyone who has watched the news or is in the workforce can attest to the challenging times we are all facing. Long gone are the jobs offering a lifetime of work security and a nice pension at the end of your career. Sadly for most of us, retirement rests solely on our shoulders and whether or not we can put enough money away for that glorious day.
Luckily the government is looking out for individuals by offering venues via the Tax Code to defer taxes until retirement. This comes in the form of a Self Directed Roth IRA. Many people are familiar with the term; however, they are not fully aware of how it will benefit their particular circumstances.
United States persons are required to file an FBAR if:
The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
The aggregate value of all foreign financial accounts exceeded $10,000