They obviously don’t want the hoi-polloi to be rubbing elbows with their own.......................
How about a CliffsNotes Version vs a cut and paste mishmash of info the avg slob doesnt understand.
BKMRK.
Am I misreading this or are they smoking something? The statement about the current state of the law, not the change. How does putting oneself in the same position as the shareholders introduce the risk of self-dealing if you're already supposed to be acting in the interests of the shareholders? Wouldn't it REDUCE that risk? Aruh?
And what about self-directed IRAs that hold rental real estate for example? That's legal, and in that case, you're still both management and investor (albeit typically the sole investor).
It’s government overreach without question but I am curious how many IRAs participate in private placements?
I have always opposed IRA’s with their resultant penalties for early withdrawal and the other problems associated therein.
Save or don’t save. There should be no tax advantage or penalty.
Keeping the proletariat down and under control
My take on this is that the new laws are designed to prevent people from investing their tax advantaged IRA assets in speculative unregulated assets (like bitcoin?) or assets where they are otherwise financially liable. The intent seems to be to lower the risk of IRA investments so they are available at retirement and not coupled with other personal debt obligations that apply to business owners and could be confiscated with a bankruptcy or reorganization.
This seems like prudent diversification of long term tax advantaged assets that any intelligent investor would already be doing. The fact that people need a law to get them to do the right thing is just an admission that a lot of people are financially crazy.
BFL
They hate it when the normal people work hard and try to save money for their “golden” years so as not to be a burden to anyone. They want that money. Do not doubt this.
But the ruling elite gets to keep it all, live high off the hog, and to hate and scorn the common herd.
I will have to definitely look into this. I have a self-directed IRA.
Better read this.
When is that appt w/ Mandy?
Many IRAs are just accounts in a bank.
I wasn’t aware that one could have them hold anything other than ‘money’/greenbacks.
It’s just lately that I’ve seen ads for converting the IRA into holding gold.
Maybe that’s what the Dems are after.
I’m no financial whiz and ICBW, but I see this as something very sinister.
If “more speculative” investments bring higher returns and these investments are being banned, then permitted investments will garner lower returns. That being the case, I see the gov’t. stepping in to take over these accounts using the excuse that it (the govt) can do a better job with ROE than non-govt. entities. This will be especially true should the stock market go markedly south.
Congress has been eyeing private retirement accounts and pension funds for decades. It’s a huge pile of money NOT under their control and they WANT THAT CONTROL!!