Self-Directed Retirement Plans for Individuals and Business Owners
IRAs — or individual retirement accounts — were created in 1975 as a way for individuals to save for retirement. Gradually, as traditional pension plans began to disappear across corporate America, additional types of retirement plans came into being, including employer-sponsored options. Today, people may save for their futures through Traditional and Roth IRAs, SEP IRAs, SIMPLE IRAs (and in some cases, qualified workplace plans), as well as education savings accounts (ESAs) and health savings accounts (HSAs) for other purposes. Self-directed retirement plans have always been available to investors who wish to make their own investment decisions, and they continue to gain in popularity as people become more financially independent—with more investors seeking a hedge against stock market volatility. Self-directed plans allow for a broad array of nontraditional investments which enable investors to diversify their retirement plans in many ways.