Article by Jeff Rose in Forbes
Can you imagine your little old traditional or Roth IRA is worth millions of dollars?
It happens for some people.
According to the US Government Accountability Office (GAO), 791 individuals have IRA balances between $10 million and $25 million, while 314 are worth over $25 million.
That was in 2011. There are probably many more today.
Former presidential candidate Mitt Romney reportedly had an IRA worth in excess of $100 million.
What’s their secret?
Many wealthy people use true self-directed IRA (or 401k) accounts to accumulate multimillion-dollar retirement portfolios. These are unlike the self-directed plans most people have.
Instead, the wealthy use self-directed retirement plans to invest in non-traditional investments.
They’re not available name brand brokers, banks, and robo-advisors.
Instead, they’re small, highly specialized trustees, concentrating on a small number of very high-profit asset classes.
What exactly is a self-directed IRA (or 401k)?…to read this article in its entirety, click here.
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