Senior Housing and Assisted Living

Contribution limits are placed on SDIRAs, as well as the other individual retirement accounts. The requirements and limits change every few years. What is one requirement for one year is not the same requirement for another year.

In 2010 the contribution limit is $5,000 for people that are younger than 50 years old. If you are age 50 and above you can put in a $1,000 more, making the total contribution maximum $6,000. Just a few years back the limit was much lower.

Traditional investments have two different types of accounts. There are deductible accounts that deduct part of your contributions. They also have nondeductible accounts.

There are requirements for qualifying for a deductible account. Deductible IRAs allow you to deduct part, or all, of your total contributions from your taxable income. A lot of people like this option for their retirement plans.

A deductible one is available to people that do not have a retirement option from their work. They also have to take the payments only from the adjusted gross income. No other investments are able to be put in to an account.

There is also a limit on how much money you can make. This year the rules state that only people living in a single household can make $65,000 in their adjusted gross income. If you are married the limit is $109,000.

If you do not reach these qualifications there is still hope. There are other IRAs out there for you, such as SDIRAs or Roth individual retirement accounts. Also, if your spouse works and is covered in a deductible account, then you might be able to use part of your money towards their deductible account if you want that option.

Roth accounts and SDIRAs have their own limits to how much money you can make. Roths, for example, only have contributions with people that make $120,000 for single households. $177,000 or less is required for people that are married and filing jointly.

NAFEP (The National Association of Financial and Estate Planning) wants to put you in control of your finances with the following: self directed IRA and self directed 401k products, administrative and custodial services.