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Us Bank Health Savings Account
[intro music] hi, my name is terry white, ceo of sunwest trust, and today we've kind of just looked at the last three videos that we've done, and i've kind of picked out some questions to review, and make sure that we are clear,
Us Bank Health Savings Account, that i was clear, on how to do, these certain things. so, the first one was: can i self-direct my current ira at a brokerage firm? so, in other words, you have an ira, at a brokerage firm, and you want to self-direct it.
the answer to that question is yes, you can move all, or a portion, of that ira, to sunwest trust, then start self-directing that portion. the irs will allow you to have as many iras as you want, so it's not a problem to have more than one; and i actually recommend that you don't put all your eggs in one basket. don't move all the money into sunwest trust, but leave some with your broker to invest in stocks and bonds, because it then can sometimes do very well for you. next question is, can i self-direct a roth, a simple, or a sep, ira?
and the answer to all those questions is going to be, all three of those, is yes. a roth is just another type of ira; you have a traditional, which means that the money that goes into that is pre-tax dollars, in most cases, the roth, the money that goes into that, is after-tax dollars, and if you meet a couple of rules, we'll talk about it in a later video, i'm sure, then the income in a roth ira account can be tax-free; and then a sep and a simple are also forms of iras
that typically involve businesses. so you may work for a business, or you may work for a business that has a simple, or you may be a business owner that has started a simple or a sep, for the reason that they're a little less expensive, probably, than a 401(k), a little easier to administer, but all three of those types of accounts can be self-directed, and you can invest those in anything that the irs does not prohibit. the last question is: can i self-direct my health savings account,
or my 401(k), for my self-employed business? and the answer to both of those again, is yes. now, the health savings account, is not something that sunwest trust handles. and the reason we don't, is because we feel like those are probably used a little more often, those are accounts that are created to be used to supplement your health insurance, you have to have a particular type of health insurance, and then you can have an hsa, a health savings account, and so, we feel like the contributions to those are lower,
and the amount of money you can build up in it probably wouldn't be as large, it may not be as valuable, to self-direct those, but there are companies out there, like sunwest trust, that will self-direct health savings accounts. so it can be done, it's just not something we do here at sunwest. the other question was a 401(k). if you're self-employed with no employees, you can have what's called a solo, or what we call an individual 401(k); or an 'i-401(k)'. and with an i-401(k), not only can you self-direct it,
you can act as your own trustee. so, you can actually have checkbook control of your 401(k). so, those are all good questions, and i hope we've answered those questions for you well. if you have other questions, feel free to e-mail us, feel free to call us at the office, the phone number's on the screen, and, also, you can e-mail me directly, and we encourage that you go to our website, and then also go to our youtube channel southwest ira.
we have over one hundred twenty videos there, with lots of great information, so i encourage you to use that. please leave some comments, if you have questions, you're welcome to leave those there, and for future videos, we'll answer those questions for you. thank you. [closing music]
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