There will be A LOT of information below, and it is MASSIVELY and URGENTLY important that you take action now and in the future.
Your Retirement Options and Real Estate Business literally depend on it.
The US House of Representatives’ Ways and Means Committee has proposed several big changes to the Self-Directed IRA rules. These changes would GUT self-directed retirement accounts (especially IRAs, possibly 401(k)s and Solo 401(k)s).
Republicans have no say in this law; the Democrats can pass it without any of their votes.
And they are moving FAST.
BUT there is plenty of room for hope.
Given how small the Democrats' majority is in the House and the tied Senate, we only have to sway a few of them. Make Some Noise!
Which means we must act NOW.
The proposed laws, if passed, would mean the following (and then some):
1) No more investing in many PPMs, private investments, certain crowdfunding, certain crypto deals, etc. Investments open only to accredited or sophisticated investors (among others) are banned for IRAs, upon pain of death to the IRA.
2) Banning ownership by your IRA of more than 10% in ANYTHING.
3) No more IRA investing in any entity (e.g. even a “handshake JV”) in which you (or certain related persons) are directly or indirectly an officer or director.
4) Roth Conversions Limited.
5) $10M+ Retirement Plans Required to RMD Excess.
~Summarized by handsoffmyira.com
What To Do
- Take a deep breath. This is a multi-step call to action.
- Yes, we’re asking and hoping you do more than just click through to send an email.
- No, we can’t afford to just do the easy, bare minimum with this one.
- Thank you in advance for completing ALL of these steps:
1) Click through on the right to send a pre-written letter to the Ways and Means Committee as well as your own Representative.
- IMPORTANT NOTE – The first paragraph will require your words. Tell your story; why are self-directed retirement accounts important to you or your colleagues.
Please add some personal details to the letters and talking points. “I am providing for my retirement through vehicles you are looking to ban. I want to keep investing in Main Street, not Wall Street. My IRA lends to people who improve low-income neighborhoods. My 401(k)s rent quality properties. My 401(k) invests in private startups that make the US competitive in tech and create jobs.” Just a paragraph personalizing it matters. People, even congressional staff, relate to stories. And some of the recipients of your letters actually do care and truly do not want to harm you. They know not what they do (though their staffers who wrote the law certainly do). ~sourced from handsofmyira.com
- Please insert your own subject line as well
- The rest of the email can be changed or added to as you like.
2) COPY your story and the whole email into a savable file before sending.
- We need hundreds of stories where people’s IRAs helped make the world a better place, or where they used other people’s IRAs to do the same
- If you feel this is you, please send your story to us at OhioREIA@gmail.com
- Keep your copy because we’re asking you to send it to more legislators outside of the Muster platform.
3) Read through https://www.handsoffmyira.com/
- The pre-written letter you’re sending to the committee is sourced from this site.
- John Hyre has identified 19 key legislators to communicate with
- Email, Write, Call, AND Fax them all. Make MASSIVE NOISE!
4) Go to https://tinyurl.com/SDIRA-Law-Updates-OptIn to sign up for email updates on the issue from Hands Off My IRA.
5) Share this message and its resources with anyone who may be impacted.
- “Again & again. Talk to people. Persuade (and when needed, cajole) them to follow up. If all we do is “bitch & vote”, we are lost. This doesn’t take that much effort. It can go a long way towards preserving our economic freedom. We should be allowed to grow our retirement accounts in ethical, honest, and advantageous ways’” ~ John Hyre
“You can stand by and do nothing…and pay the price, literally. Or you can fight. To protect your retirement (or the funds that feed your business if you raise money from SDIRAs/401(k)s), you will need to fight promptly and loudly. Procrastinators are useless in this fight.”
~John Hyre – tax attorney