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Diana Hoff
Diana Hoff

Diana Hoff

Director, Client Experience

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208-639-7763
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accounts@mwira.com
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Diana is a member of the American Banking Association and the Institute of Certified Bankers as a Certified IRA Services Professional (CISP).

She is an experienced Education and Marketing Coordinator with a demonstrated history of working in the financial services industry. Skilled in Management, Customer Service, IT Project & Program Management, Negotiation, Risk Management, Leadership, Presentations, and Public Speaking and Education.

A strong program and project management professional with a Bachelor of Science - BS Degree Project Management from George Fox University. Graduated with a 4.0.

Featured Articles

Can an IRA Be in a Trust?

Many people wonder if an Individual Retirement Account (IRA) can be placed in a trust when it comes to estate planning and retirement savings. While trusts are commonly used to manage and distribute assets, the rules around IRAs and trusts are unique.

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How Does an IRA Work? A Guide to Tax-Advantaged Retirement Savings

Planning for retirement is essential, and an Individual Retirement Account (IRA) is one way to save for the future. IRAs offer tax advantages that can help grow your retirement savings over time, making them a valuable tool for long-term financial security. Understanding how IRAs work, the different types available, and the 2025 contribution limits will help you make informed decisions about your retirement savings.

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Annuity vs. IRA: What’s the Difference?

When planning for retirement, it’s common to hear about annuities and IRAs, but they serve very different purposes. Understanding the difference can help you make the right choice for your financial future. An annuity is a financial product issued by an insurance company that provides a stream of income, often for life or a set period. It can be purchased with after-tax money or through a tax-advantaged account like an IRA. The primary benefit of an annuity is its ability to provide guaranteed payments, making it an attractive option for those looking for financial security in retirement.

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What is self-dealing with your IRA, and what are the consequences?

Self-dealing in the context of an IRA, including a Self-Directed IRA (SDIRA), refers to engaging in prohibited transactions that involve the IRA owner, their family members, or certain related parties. The rules governing self-dealing are designed to prevent individuals from using their IRA funds for personal benefit outside the purpose of saving for retirement.

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Can IRAs Hold Real Estate or Other Tangible Assets?

When most people think of Individual Retirement Accounts (IRAs), they imagine investments in stocks, bonds, and mutual funds. However, there is another powerful option that can diversify your portfolio and open doors to alternative investments: Self-Directed IRAs (SDIRAs). These accounts enable you to diversify your portfolio, holding real estate and other tangible assets, provided you follow specific rules.

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SEP Self-Directed IRA vs. Traditional Self-Directed IRA: Key Differences

When it comes to retirement savings, Self-Directed IRAs (SDIRAs) provide investors with the flexibility to diversify their portfolios beyond traditional stocks and bonds. However, not all SDIRAs are the same. A SEP Self-Directed IRA and a Traditional Self-Directed IRA share some similarities but differ in terms of eligibility, contribution limits, and who can fund them.

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Navigating Your Financial Future: The Pros and Cons of Borrowing From Your 401(k)

When facing financial challenges or large expenses, tapping into your 401(k) as a source of funds can seem like an attractive option. With quick access to cash and no impact on your credit score, borrowing against your retirement savings might feel like a smart short-term solution. However, this decision comes with risks that could affect your long-term financial security.

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Understanding the Implications of Naming a Trust or Estate as an IRA Beneficiary

Inheriting an Individual Retirement Account (IRA) can be a significant financial event, but when a trust or estate is designated as the beneficiary, the administration and payout process can become complex. Understanding the post-death administration process, payout rules, and tax implications is crucial for those managing inherited IRAs through a trust or estate.

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Choosing an Individual Retirement Account: Which IRA is Right for You?

When it comes to planning for retirement, choosing the right Individual Retirement Account (IRA) can be one of the most impactful decisions you make. Your choice depends on your financial situation, goals, and investment preferences. Below, we explore the key features of different types of IRAs to help you make an informed decision.

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Common Questions About Roth Distributions

Learn the key rules for taking distributions from your Roth IRA or Roth 401(k). Understand the 5-year rule, tax-free withdrawal qualifications, early withdrawal penalties, and exceptions. Get insights on rollovers, conversions, and required minimum distributions to make informed retirement decisions.

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How Roth and Traditional IRA Contributions Are Aggregated

Roth IRA and Traditional IRA contributions are two types of individual retirement accounts that offer tax advantages for retirement savings. While they have some similarities, there are key differences, including how contributions are treated.

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Can You Cash Out Your Self-Directed IRA?

Self-directed IRAs (SDIRAs) offer incredible flexibility for diversifying your retirement portfolio with alternative assets. But what happens if you need to access some of the funds in your account? Can you take an early distribution from your self-directed IRA? The answer is yes—but there are important considerations to keep in mind.

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Can I Place Precious Metals That I Own Personally into my IRA?

No, you generally cannot place precious metals that you personally own into your IRA. The IRS has strict rules about what types of assets can be held in an IRA, including specific requirements for precious metals.

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What is a Self-Directed IRA?

Retirement planning often revolves around traditional investment vehicles like stocks, bonds, and mutual funds. But for those looking to break free from the limitations and volatility of conventional options, a Self-Directed IRA (SDIRA) offers an exciting opportunity to diversify and take greater control of their retirement portfolio.

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A Brief History of IRAs: How They Evolved into a Powerful Retirement Tool

Individual Retirement Accounts (IRAs) are a powerful tool for retirement savings, offering tax advantages that help individuals build wealth for their golden years. While today’s investors have access to various types of IRAs—including Traditional IRAs, Roth IRAs, SEP and Simple IRAs. These accounts didn’t always exist. Their introduction was a response to growing concerns over retirement security, and they have evolved significantly over the decades. In this blog post, we’ll explore the origins of IRAs, their evolution, and why they continue to play a crucial role in retirement planning.

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Enhanced Catch-Up Contribution Limits for Ages 60-63 Starting in 2025

The SECURE 2.0 Act brings significant changes to retirement planning, particularly for individuals aged 60 to 63. These changes aim to help workers boost their retirement savings during critical pre-retirement years. Let’s explore what’s new for Solo 401(k) and SIMPLE plan participants starting in 2025.

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Understanding the Taxation of IRA Distributions

Individual Retirement Accounts (IRAs) are a cornerstone of retirement planning for many Americans, offering significant tax advantages. However, it is essential to understand how distributions from these accounts are taxed to avoid surprises during retirement. Below, we break down the tax implications of IRA distributions based on the type of IRA you hold.

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Are Self-Directed IRAs Subject to ERISA

When exploring the world of retirement planning, one common question is whether Self-Directed IRAs (SDIRAs) are subject to the rules and regulations outlined in the Employee Retirement Income Security Act (ERISA). This is a critical consideration for investors looking to diversify their portfolios with alternative assets, such as real estate or promissory notes, through an SDIRA. Understanding the relationship between SDIRAs and ERISA can help ensure compliance and alignment with your financial objectives.

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Understanding Self-Directed IRAs and Required Minimum Distributions (RMDs)

‍Self-Directed Individual Retirement Accounts (SDIRAs) are powerful tools for those seeking to diversify their retirement portfolios beyond traditional investments. With SDIRAs, you can invest in alternative assets such as, but not limited to, real estate, private equity, and promissory notes. While IRAs offer flexibility, they come with specific rules and requirements, one of the most important being Required Minimum Distributions (RMDs). Understanding how RMDs work is essential to avoiding penalties and ensuring your retirement strategy stays on track.

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Understanding Prohibited Transactions and Disqualified Persons in Self-Directed IRAs

When investing with a Self-Directed IRA (SDIRA), it’s essential to understand the concept of prohibited transactions and disqualified persons. These terms define specific rules set by the IRS to prevent IRA owners from benefiting improperly from their retirement assets. Violating these rules can lead to significant tax consequences, so let’s explore what they entail.

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What Types of Precious Metals are Allowed in an IRA?

When considering diversifying your retirement portfolio with precious metals through a Self-Directed IRA (SDIRA), it’s essential to understand the specific requirements for which metals qualify. The IRS has stringent guidelines on the purity and authenticity of metals to be eligible for inclusion in an IRA.

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How to Fund an IRA

Funding an IRA is straightforward, but understanding the options available—whether by transfer, rollover, contribution, or conversion—can help ensure you maximize the benefits while staying tax-efficient. Here’s a breakdown of each method.

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A Guide to Individual Retirement Accounts

Planning for retirement can feel like navigating a maze of account types, contribution limits, and tax implications. The IRA, or Individual Retirement Account, is a fundamental tool to help individuals save for retirement. Here, we break down the essentials of retirement plans and their various types to help you understand how each might fit into your retirement strategy.

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Simple IRAs for Small Businesses

SIMPLE stands for Savings Incentive Match Plan for Employees, and it offers a streamlined way for employers to make contributions for themselves and their employees. With fewer rules and simpler administration than many other retirement plans, SIMPLE IRAs have fewer regulatory requirements compared to other retirement plans, making them an option for small businesses.

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Self-Directed IRAs and Real Estate

Self-directed IRAs (SDIRAs) offer an expansive range of opportunities for diversifying retirement portfolios, with real estate assets standing out as a prime choice for many. While the options are nearly limitless—encompassing everything from residential to commercial properties and even vacant land—it’s crucial for investors to stay informed and compliant with IRS regulations. Failure to do so could lead to hefty penalties, which can derail retirement plans.

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Financial Secrets from Expert Savers

Whether for retirement, a vacation, their children’s college, etc., they have the right habits to turn savings goals into a reality. What is their secret?

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Maximizing Retirement Savings with a Solo 401(k): What You Need to Know

If you're self-employed or a small business owner with no full-time employees, the Solo 401(k) (also known as an Individual 401(k)) could be the ideal retirement savings plan for you. With high contribution limits, tax advantages, and flexibility, the Solo 401(k) allows you to take control of your retirement savings. Here's everything you need to know about this powerful retirement account.

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Unlocking the Power of Your Individual (K) Plan

In the first part of our series on Individual (k) accounts we discussed who can have one, and all of the great benefits to starting up an Individual K account. But now that you have one, do you understand what your options really are? Do you know what steps to take to get the most benefit out of this incredible tool?

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3 Essential Considerations for Retirement Planning

In this post, we’ll explore three crucial elements that every IRA holder should be familiar with—especially those utilizing SDIRAs—to make informed decisions and maximize their retirement benefits. From Required Minimum Distributions (RMDs) to properly valuing assets and planning your estate, understanding these essentials can help pave the way to a financially secure retirement.

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Roth IRA Contributions

Did you know that if you have not contributed to your Roth IRA for the 2024 tax year, you can still contribute up to Tax Day 2025 if you are eligible?

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Why Are Beneficiary Designations So Important

Many people assume that their will or trust is enough to ensure that their money goes where they want it to when they pass away. However, when it comes to retirement accounts, annuities, or even life insurance policies, the person listed on your Beneficiary Designation Form will inherit that asset, even if that is no longer your intention.

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Unlocking the Power of Self-Directed IRAs

Many people are unaware that they can use their individual retirement account (IRA) to invest in more than traditional options like stocks, bonds, and mutual funds. In fact, with a Self-Directed IRA, investors can tap into a much broader range of assets to grow their retirement savings. This flexibility opens the door to opportunities that go beyond the usual offerings, empowering investors to take control of their financial future.

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4 Things You Should Know About Roth 401(k) Accounts

A Roth 401(k) is a powerful retirement savings tool that combines the benefits of a traditional 401(k) with the tax advantages of a Roth IRA. If you're considering contributing to a Roth 401(k) or already have one, it's important to understand how this type of account works and how it differs from other retirement savings options. Here are four key things you should know about Roth 401(k) accounts.

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The Backdoor Roth IRA: A Strategy for High Earners

For high-income earners, saving for retirement using a Roth IRA can be a bit tricky due to income limits that restrict direct contributions. But don’t worry — there’s a clever workaround known as the Backdoor Roth IRA. This strategy allows individuals to take advantage of the tax benefits of a Roth IRA, even if their income exceeds the IRS limits. Here's how it works.

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Understanding SEP and SIMPLE IRAs: Retirement Solutions for Small Business Owners

When it comes to saving for retirement, small business owners and self-employed individuals have unique challenges. Traditional employer-sponsored retirement plans like 401(k)s can be costly and complex to manage. Fortunately, there are simpler, more cost-effective options designed specifically for small businesses: SEP and SIMPLE IRAs. These retirement plans offer flexibility and benefits tailored to the needs of small business owners.

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Understanding Self-Directed IRAs: Answers to 7 Common Questions

Self-Directed IRAs (SDIRAs) have become increasingly popular among investors seeking greater control over their retirement funds and the ability to diversify their investment portfolios. However, many people still have questions about how these accounts work and whether they are the right choice for their financial goals. In this post, we will answer seven common questions about SDIRAs to help you make an informed decision.

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5 Must-Have Characteristics for Successful Real Estate Investing

Real estate investments have long offered a potent mix of appreciation and income, making them an attractive option for many investors. Investing in real estate through a self-directed IRA has become increasingly popular, offering unique benefits and opportunities to diversify and take greater control of your assets. Remember that while there isn't a definitive formula for success in real estate investing, many successful investors share certain key characteristics.

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10 Things Everyone Should Know About Roth Designated 401(k)s

Roth-designated 401(k)s offer a powerful way to save for retirement, combining the high contribution limits of traditional 401(k)s with the tax-free growth potential of Roth IRAs. Understanding these ten key aspects can help you make informed decisions about incorporating a Roth 401(k) into your retirement planning strategy. Always consider consulting with your financial advisor to tailor your retirement plan to your specific needs and goals.

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Acquiring Private Stock in a Self-Directed IRA

Private stock refers to company shares that are not traded on public stock exchanges. Private companies typically offer these shares, ranging from small startups to larger established firms.

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In-Service Distributions for Direct Rollover to an IRA

Planning for retirement involves making strategic decisions about your savings. One such decision may involve in-service distributions for direct rollovers to an IRA. This option allows participants in a 401(k) or 403(b) plan to roll over funds into an IRA while still employed. Here’s everything you need to know about this powerful retirement planning tool.

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Understanding the Differences Between a Traditional IRA and a 401(k)

When planning for retirement, it's essential to understand the various investment options available to you. Two of the most common retirement accounts are the Traditional IRA and the 401(k). While both aim to help you save for the future, they differ significantly in structure, benefits, and eligibility.

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Benefits and Challenges of a Self-Directed IRA LLC

Maximizing your IRA investments often requires a retirement plan that allows for diversification into alternative investments. A self-directed IRA enables you to invest in what you know best, offering the flexibility to diversify into real estate, private stock, notes, mortgages, partnerships, and joint ventures, within the constraints of IRS rules.

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Roth IRA vs. Traditional IRA: Understanding the Key Differences

Individual Retirement Accounts (IRAs) are essential tools for securing a strong financial future. The two most popular types, Roth IRAs and Traditional IRAs, each offer unique tax advantages and have distinct features. This blog delves into the critical differences between them, including tax treatment, contribution and income limits, required minimum distributions (RMDs), and early withdrawal rules.

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Exploring the World of Self-Directed IRAs

Discover the potential of Self-Directed Individual Retirement Accounts (IRAs) in expanding your investment horizons beyond traditional stocks and bonds. A Self-Directed IRA allows you to diversify your retirement portfolio by investing in a broader range of assets, offering flexibility and control over your savings. Delve into the complexities of alternative investments within your Self-Directed IRA with our guide, featuring essential steps and considerations to navigate this dynamic financial landscape effectively.

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Self-Directed IRA vs Regular Brokerage IRA

In the realm of retirement planning, selecting the right Individual Retirement Account (IRA) is pivotal to achieving your financial objectives. This blog post explores two prominent choices: the Self-Directed IRA (SDIRA) and the traditional brokerage IRA. Delving into their distinctions equips you with the knowledge to make informed decisions tailored to your retirement savings goals. Discover why opting for a Self-Directed IRA could significantly bolster your retirement strategy.

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Exploring the New 529 Plan Rollover Option to Roth IRAs

In 2022, the SECURE Act, also known as SECURE 2.0, brought forth pivotal changes to tax-advantaged savings plans. One of the notable updates effective from 2024 allows for the rollover of certain assets from 529 higher education savings plans into Roth IRAs. This provision presents a strategic opportunity to leverage 529 plan funds for retirement savings, particularly beneficial when educational expenses fall short of projections. Discover how this new option works and its potential advantages for maximizing savings towards retirement goals.

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How to Correct a Missed RMD

Required Minimum Distributions (RMDs) are pivotal in retirement planning, ensuring individuals withdraw a minimum annually from their accounts, starting at age 73. However, missing an RMD can lead to penalties. If overlooked, individuals must promptly withdraw the missed amount to avoid a 25% excess accumulation penalty tax from the IRS. Correcting this error swiftly can reduce the penalty to 10%, a welcome change from the previous 50% penalty prior to 2023. Understanding these rules is crucial for maintaining compliance and maximizing retirement savings.

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Understanding the New Changes to Required Minimum Distributions for Designated Roth Retirement Accounts

In the realm of retirement planning, a significant shift is underway: starting in 2024, Required Minimum Distributions (RMDs) will no longer apply to designated Roth accounts in employer-sponsored plans. RMDs, mandatory withdrawals from retirement accounts like IRAs and 401(k)s upon reaching a certain age, were meant to ensure timely use of savings in retirement. This change, increasing the age threshold to 73 for those affected after December 31, 2022, marks a pivotal regulatory update offering retirees enhanced financial autonomy. Learn more about this transformative development and its implications for retirement planning.

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What is a SIMPLE IRA and Who Is It For?

Discover the advantages of a SIMPLE IRA (Savings Incentive Match Plan for Employees Individual Retirement Account), a retirement savings plan tailored for small businesses and self-employed individuals. This blog post delves into how a SIMPLE IRA offers an easy and cost-effective solution for both employers and employees to contribute to individual retirement accounts. Learn about its benefits, contribution limits, and how it simplifies the process of securing a financially stable future for your team and yourself.

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Understanding the Solo 401(k): A Powerful Retirement Tool for the Self-Employed

Retirement planning for self-employed individuals and small business owners presents unique challenges and opportunities. Unlike employees at larger companies who often benefit from employer-sponsored 401(k) plans, entrepreneurs and freelancers must navigate the retirement landscape independently. One highly effective tool at their disposal is the Solo 401(k), also known as an Individual 401(k) or a One-Participant 401(k). This plan is specifically designed for self-employed individuals or business owners with no full-time employees other than the owner and their spouse. The Solo 401(k) combines features of traditional 401(k) plans and profit-sharing plans, offering higher contribution limits and greater flexibility. Key features include high contribution limits, significant tax benefits, loan options, easy administration, and broad investment choices. This plan is ideal for sole proprietors, independent contractors, and small business owners with no full-time employees, particularly those with variable incomes. However, it’s important to note that hiring employees necessitates a switch to a different retirement plan, and adhering to contribution limits and deadlines is crucial. In conclusion, a Solo 401(k) can be an excellent retirement savings tool for those who are self-employed or own small businesses. To determine if a Solo 401(k) is the best fit for your financial situation, consulting with a financial advisor or Certified Public Accountant (CPA) is highly recommended.

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Who is Eligible to Set up an IRA Account?

This blog provides a comprehensive overview of who is eligible to set up an Individual Retirement Account (IRA), highlighting key eligibility criteria such as age, income requirements, and tax filing status. It emphasizes the flexibility and benefits of both Traditional and Roth IRAs for various groups, including young professionals, self-employed individuals, and those seeking tax advantages or additional retirement savings options. The blog encourages readers to consider IRAs as a powerful tool in their retirement planning, suggesting consultation with a financial advisor to tailor decisions to individual financial situations.

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Alternative Investments: Where does my Investment Return go?

This blog post explores the benefits of opening a Self-Directed IRA with Mountain West IRA, focusing on alternative investments like Real Estate, Private Placements, and Promissory Notes. It highlights how returns from these investments—such as rental income, equity growth, dividends, interest payments, and property appreciation—contribute to enhancing the IRA's value. The post emphasizes diversification, potential for higher returns, and increased control over retirement funds, while stressing the importance of due diligence and professional financial advice for making informed investment decisions.

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What is a SEP IRA, and who are they for?

This blog post provides a comprehensive overview of a SEP IRA, covering its definition, benefits, eligibility criteria, and suitability for various types of business owners and self-employed individuals. It emphasizes the high contribution limits, tax advantages, simplicity in administration, and flexibility in contribution decisions annually. The post also highlights that SEP IRAs can be beneficial for both small business owners and self-employed individuals looking to maximize retirement savings while potentially providing retirement benefits to employees. It concludes by recommending consultation with a financial advisor for personalized guidance.

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What is a K-1 for a Self-Directed IRA for?

A K-1 form is essential for a Self-Directed IRA to report income, deductions, and credits from its investments in partnerships, S corporations, estates, or trusts. These entities typically pass through their income or losses to their partners or shareholders, including the IRA. The K-1 helps in tracking the IRA's share of these financial activities, determining potential tax liabilities such as Unrelated Business Income Tax (UBIT), and reporting the IRA's Fair Market Valuation (FMV) accurately.

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Understanding Indirect Rollover Rules

This blog post provides a comprehensive overview of indirect rollovers in the context of retirement planning. It covers essential topics such as what an indirect rollover is, the process involved, key rules like the 60-day rule and the 1 per 12-month rule, tax implications including withholding, and exceptions to the rules. The post emphasizes the importance of understanding these regulations to avoid unintended tax consequences and maximize the benefits of managing retirement savings effectively. It concludes by advising readers to seek personalized advice from financial advisors or tax professionals to navigate the complexities of indirect rollovers tailored to their specific circumstances.

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Planning on Making a Prior Year Contribution to Your IRA? Here Are 6 Facts to Keep in Mind

"Planning for retirement involves making savvy financial decisions, including utilizing prior year contributions to your IRA. This strategy offers flexibility and potential tax benefits, but it's essential to understand the rules. Learn about deadlines, contribution limits, tax implications, and the advantages of both Traditional and Roth IRAs. Whether you're catching up on savings or optimizing your tax strategy, these six key facts will guide you toward maximizing your long-term financial health."

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Navigating the Pitfalls of Excess IRA Contributions: What You Need to Know

This blog provides essential guidance on managing Individual Retirement Account (IRA) contributions to avoid costly mistakes. Excess contributions, which exceed IRS limits, can incur significant penalties. For instance, in 2024, individuals under 50 can contribute up to $7,000. Excess contributions may arise from contributing to a Roth IRA above income limits or making ineligible rollovers. The IRS imposes a 6% annual tax on excess amounts until corrected, typically by October 15 of the following year. Options post-deadline include withdrawals with penalties or applying excess amounts to future contributions. Proper management and timely corrections are crucial for optimizing retirement savings and avoiding financial penalties.

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Is Your Traditional IRA Contribution Deductible?

In "Is Your Traditional IRA Contribution Deductible?", we explore the complexities of deducting contributions to a Traditional IRA. This blog highlights key factors influencing deductibility, such as coverage by employer retirement plans and income thresholds. For those uncovered by such plans, contributions are fully deductible, but coverage can reduce or eliminate deductibility based on modified adjusted gross income (MAGI). Readers are advised to consult IRS guidelines, particularly Publication 590-A, to navigate these rules and ensure accurate reporting. Properly managing deductibility helps maximize retirement savings and tax benefits, underscoring the importance of professional advice for tailored financial strategies.

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Exploring the Benefits of Roth IRAs

In this blog post, we explore the benefits of Roth IRAs as a powerful tool for retirement savings. A Roth IRA differs from traditional IRAs primarily in its tax treatment: contributions are made with after-tax dollars, leading to tax-free growth on investments and tax-free withdrawals under certain conditions. Key advantages include exemption from Required Minimum Distributions (RMDs), flexibility in withdrawal timing, and the ability to withdraw contributions tax-free at any time. Understanding the distinction between qualified and non-qualified distributions is crucial to avoid penalties and optimize tax efficiency. Strategic planning around withdrawal orders can further enhance the benefits of a Roth IRA. Overall, the post emphasizes the importance of tailored financial advice while providing a comprehensive overview of Roth IRA benefits and rules.

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Converting Your Retirement Savings to a Roth IRA

In this blog post, we explore the process and considerations involved in converting your retirement savings to a Roth IRA. Retirement savings options such as Traditional IRAs, SEP IRAs, and employer-sponsored plans like 401(k)s are discussed, emphasizing their tax advantages. The blog highlights the eligibility criteria for converting these funds to a Roth IRA, noting that all funds from eligible accounts can be transferred. Key points include the tax implications of conversion, the process itself—which involves checking eligibility, understanding tax implications, initiating the conversion with your financial institution, and reporting it to the IRS—and the benefits of a Roth IRA, such as tax-free withdrawals in retirement and flexibility in managing retirement funds. The post concludes by advising readers to seek personalized advice from financial professionals to navigate the conversion process effectively.

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Can You Consolidate Your IRA Accounts?

Managing multiple Individual Retirement Accounts (IRAs) can be complex, but consolidating them can simplify retirement planning. Mountain West IRA often hears from clients asking if they can combine their IRAs, and the answer is a definite "Yes!" Consolidation offers several benefits, including simplified account management, a cohesive investment strategy, and potential cost savings on fees. The consolidation process involves selecting a provider, deciding which accounts to merge, initiating the transfer, and reviewing investment options post-consolidation. Key considerations include avoiding tax pitfalls, timing the consolidation carefully, and updating beneficiary designations. Mountain West IRA provides guidance through every step of this process, helping clients streamline their retirement savings. For personalized advice, consulting with a financial advisor is recommended.

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Avoiding Excess Contributions

Investing in an Individual Retirement Account (IRA) is crucial for many Americans' retirement strategies, offering substantial tax benefits and growth potential. However, the intricate rules governing IRA contributions can be tricky, often leading to excess contributions that incur penalties and diminish your savings. This blog identifies six common scenarios where over-contributing to an IRA can occur and provides practical tips to prevent these errors. It highlights the importance of understanding annual contribution limits, managing multiple IRA accounts, adhering to income limits for Roth IRAs, completing rollovers within the designated period, tracking automatic contributions, and ensuring contributions align with earned income. By staying informed and cautious, you can avoid these pitfalls and optimize your retirement savings. Consult with a financial advisor for tailored advice to navigate your IRA contributions effectively.

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Roth vs. Traditional IRA

With a traditional IRA, contributions you make to a traditional IRA may be fully or partially deductible, depending on your circumstances.

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7 Times to Reevaluate Your IRAs

Life Changes, Job Changes, when is it a good time to check in with your retirement accounts?

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What is an Individual (K) Plan?

An Individual 401(k) (or IK) works much the same as traditional 401(k) plans offered by large companies.

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RISE Act Will Drastically Impact Self-Directed IRAs

Most people are interested in saving money for retirement.

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5 Reasons To Open A Health Savings Account

When planning for retirement, people often forget to include the cost of healthcare which can be a significant expense.

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Five Threats To Retirement Savings

Saving for retirement does not always go as planned. Retirement savings are subject to threats, both direct and indirect.

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Using Health Savings Accounts In Retirement

Heath Savings Accounts have gained popularity over the last few years.

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5 Must Have Characteristics For Successful Real Estate Investing

Over time, real estate investments have afforded many people the powerful combination of appreciation and income.

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7 Tips For New Investors

While self-directed IRAs offer a wealth of investment possibilities, getting started with investing can be a daunting task for new investors.

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Using Leverage To Purchase Real Estate

Over time, real estate investments have afforded many people the powerful combination of appreciation and income.

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Alt Assets 101 - Why Alternative Assets

Let’s get the obvious question out of the way first. What is an alternative investment?

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