Wrapping Up: Fees, Transfers, and Final Questions

Description

In this last workshop, I answered your remaining questions and tied everything together. We talked about transfer fees, what happens if you ever need to close an account, and why having multiple Roth IRAs can give you flexibility. I also explained the small costs custodians might charge, how easy it is to move money from a bank IRA into a self-directed account, and reminded you why I’d rather see you doing something — even small — than leaving your money sitting at the bank. We wrapped up by comparing Roth IRAs to other tools like life insurance, and then opened it up for Q&A and one-on-one conversations.

Key Takeaways

Custodians may charge small fees ($100–$200, sometimes $150 to close an account), but the benefits far outweigh the costs.
Once you’re over 59½ and past the five-year rule, withdrawals are penalty-free and tax-free.
You can have multiple Roth IRAs for different deals or strategies.
Transferring from a bank IRA to a self-directed IRA is quick and easy, usually with only minor fees.
Don’t let fees stop you — doing nothing at the bank costs you more in lost growth.
Life insurance is sometimes pitched as an investment vehicle, but it rarely compares to the Roth IRA’s tax-free power.
The most important step is to take action and put these tools to work — knowledge alone won’t build your retirement.

Action Steps / Exercises

Fee Awareness: Call your custodian and ask what their transfer, closing, and annual fees are. Write them down.
Multiple Roths Drill: Sketch out how you might use 2–3 Roth IRAs (e.g., one for flips, one for rentals, one for lending).
Transfer Plan: If you’ve got an IRA sitting at a bank, write out the steps to transfer it into a self-directed account this month.
Penalty Check: Confirm your age and Roth IRA open date. Are you penalty-free if you needed to withdraw today?
Final Reflection: Write down your top 3 action steps from the entire workshop series that you’ll commit to this year.