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Dinar in your IRA? It's legal to access it early.


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So ... I've spent some time looking into this matter in order to prepare myself for the RV that we've all been waiting for ... You may find this useful as well. If no RV occurs, then you can probably disregard as you won't have enough money in your respective IRA's for this strategy to be helpful (I know I won't).

Personally, most of my iraqi dinar is in my IRA. I've got enough outside of my IRA to pay off the mortgage -- assuming a plus $.60 RV -- but I had a small amount of money from a previous employer that was just sitting in a Money Market in a 401K after my separation from them so I converted it to an IRA and then a Roth IRA to insure that any appreciation would be distributed to me tax free at what (I thought) would need to be age 59.5. Not so, due to Rule 72t of the IRS tax code. Because of Rule 72t you can take money out of your IRA at any time, but with very strict parameters. I KNOW you don't believe it (I didn't either), but check it out before you chit all over this thread. The best place to familiarize yourself with all of this detail is 72t dot net. I'm not affiliated or even in the galaxy of this type of business, but the facts are there ... or anywhere else you google. IF you get into the wrong google search, you will find people who will insist that what I am stating is absolutely untrue. If you have been holding dinar for very long, you should be used to people telling you that you are crazy by now ... so plow through until you understand the facts and parameters of rule 72t.

Here is some detail based on the concerns that I thought I understood before I really understood the possibility of early access to my Roth IRA.

1) It is legal under almost any circumstance to access your IRA (Roth or Traditional) before you turn age 59.5. And I'm NOT talking hardship. There is paperwork involved which you can research and understand yourself or receive from your advisor. Depending on your personal situation, this may NOT be a good move. But it will be legal. For example, let's say you are 47 and you have $3M in your IRA after the iraqi dinar RV's. If you allocate all of the $3M into an IRS approved 72t SEPP plan (account), then (based on today's interest rates) you could receive approximately $130K per year until you are age 59.5 at which time there would be no restrictions on your withdrawals. Your account value at the end of these series of distributions would be approximately $2.2M (again depending on interest rate fluctuations). This example uses the Amortization method which you will come to understand if you look into this. Yes, I realize you can leave your IRA untouched and in that case your account value would be far higher for you at age 59.5. For me, if we RV above $0.60, I am looking to really slow down and I will likely utilize this strategy in order to do so. For further clarification in keeping with the example above, if the $3M in your IRA is in a Roth IRA, then your $130K annual distribution would be tax free (you may also take your distributions monthly or quarterly). Again, there are extremely strict parameters in order to do this so get an advisor involved. NO -- to restate -- I am NOT an advisor.

2) I can already hear it ... there is a 5 year waiting period before you can access any funds from a Roth IRA. True, but by taking advantage of Rule 72t -- this restriction is waived.

Caveats.

A. The younger you are and the lower your account value, the less (per distribution) that you can access. It is set up as a series of even distributions until age 59.5.

B. If you do this, you will likely need to see the distributions through to age 59.5 or you WILL have a tax bill. You cannot stop and start this strategy.

C. I'm single, no kids, so I'm looking for a cash flow and flexibility. This may NOT be a good idea for you if you don't feel total financial freedom based on 72t parameters or other financial objectives once the RV hits.

Finally.

If you have dinar in your IRA, I encourage you to look into how you can convert this to a ROTH. This is a sound strategy for getting a tax free RV. See DTrade's website and click on the button for how to by dinars in your IRA. DTrade/Entrust can probably help on the Roth conversion as well.

Hope this helps,

TS

I believe in the RV; I don't believe in the cult.

Edited by On_Reserve
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Sorry for the naive question, but how do you put dinars into an IRA? Don't you have to convert it to USD first?

Go to the dinartrade.com website and click on the button (on the left side) that says Purchase dinar w/IRA. It explains everything there including the relationship with the company "Entrust" who will be the custodian of the account.

TS

I believe in the RV; I don't believe in the cult.

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