1-888-857-8058

Working with Next Generation

Self-direction refers to the client/investor making all his or her own investment decisions, and then directing our office to invest in the many nontraditional (and traditional) assets that the IRS allows in these types of retirement plans. Our service providers ensure that the investment, the investment structure and titling complies with IRS code and processes the transaction. Our office is available to educate our clients and their trusted advisors as needed but we do not advise on nor endorse any types of investments.

As a self-directed IRA holder, it’s crucial that you do your research and become familiar with:

  • The different types of tax advantaged accounts;
  • Where your retirement funds are located;
  • What types of accounts they are held in;
  • How self-directed transactions work;
  • The process for your retirement account to accept returns/dividends from your investments.

Getting Started with Self-Direction

  1. Determine the account type.You can self-direct a Roth or Traditional IRA, an education plan or health savings account. In addition, self-employed people may consider a SEP IRA (similar to a Traditional IRA but with a higher contribution limit) or as a business owner, a SIMPLE IRA for you and your employees. You may also be eligible for a Solo k. Your tax advisor is the best person to consult regarding which type of retirement plan is best for you, along with your contribution eligibility.
  2. Open the account.*Timing for establishing an account is dependent on receipt of required application documents. Our office requires complete, correct documentation and original (wet ink signatures, unless you coordinate digital signature with our office), documentation and fees. Our processing time is two business days upon receipt. Once opened, your self-directed IRA will be the investor and will have its own name and tax ID number.
  3. Funding the account.*This depends on the type of account(s) you already have. 401ks and employer-sponsored plans can only be rolled over into your new self-directed account, if eligible. Rollovers must be initiated by the account holder by instructing the former custodian to distribute the funds.

Transfers are from like IRA to like IRA only and are initiated by our office. Transfers typically take two to six weeks to complete, depending on the custodian. Some good things to ask your custodian are:

  • Do they require a Medallion Guarantee Stamp
  • An original transfer form
  • If they will accept a fax request

Our office has experience with many custodians so we can help you navigate this.

You may also make a personal contribution to the new self-directed account with new funds (personal or business check). Your contribution limits and eligibility depend on your unique financial circumstances and your tax advisor can guide you regarding eligibility.

To learn more about working with Next Generation contact us at  NewAccounts@NextGenerationTrust.com or 888-857-8058.

You can read more about working with Next Generation Services as your self-directed retirement plan administrator Here.

Our website has lots of valuable information that explains the various types of retirement accounts, self-directed transactions and more. CLICK HERE to learn more, or call to speak with our knowledgeable staff at 1-888-857-8058.