Last Updated on April 10, 2023 by George
The IRA Club, a less well-known IRA provider with an executive team of only three and an 11-person staff, isn’t the most well-known name in the retirement planning industry.
For individuals seeking a self-directed retirement plan outside of stocks, mutual funds, or bonds, they do, despite their small, provide a wide range of account types and investing possibilities.
In this analysis, we examine The IRA Club’s policies, procedures, and frequently asked questions to understand better how they assist clients in achieving their retirement goals.
Dennis Blitz, President, The IRA Club
The IRA Club’s founder and president, Dennis Blitz, is a Wharton School of Management graduate. According to his company profile, he humorously acquired a Rolls-Royce in an auction. Yet, Blitz’s professional achievements are visible on LinkedIn. He has been managing The IRA Club for the past 13 years and has previously held leadership roles in other organizations. He is knowledgeable about financial rules.
Ramez Fakhoury, Vice-President, The IRA Club
Ramez Fakhoury is the Vice President of The IRA Club, a graduate of the University of Illinois who has been with the organization for over three years.
Vanessa Nealy, Trust Officer, The IRA Club
Vanessa Nealy, who has worked with The IRA Club for more than seven years and has previously held the position of loan officer, is third in charge at the organization. Even though the business is not well-known, the staff has proven its dedication to serving clients. There are numerous account options and investing opportunities at The IRA Club.
The IRA Club IRA and Investing Account Types
Six different IRA account options are available from The IRA Club. Here, we’ll briefly break them down.
Traditional IRAs and Roth IRAs at The IRA Club
Investors can take advantage of tax benefits when contributing to a Traditional IRA and collect interest on their investments in a tax-sheltered setting before withdrawing. Following withdrawals, they are taxed at the rate applicable to their current income bracket.
On the other hand, Roth IRAs do not permit income tax deductions during contributions but do not impose income tax on participants upon withdrawal. Hence, high-net-worth individuals trying to avoid taxes during retirement find this type of account especially helpful.
SEP IRAs at The IRA Club
Employers can contribute to the Simplified Employee Pension IRA and deduct those payments, providing employees with a tax-deferred retirement option. This type of IRA is appealing and advantageous because it doesn’t involve the submission of any tax papers.
A Simple IRA at The IRA Club
A SIMPLE IRA allows employees to receive matching contributions of up to three percent of their income and is designed for businesses with less than 100 employees. They can retire earlier and with greater security as a result.
The IRA Club IRA Investing Options
The IRA Club focuses on real estate investing and lending as the two main methods of accumulating money within an IRA account. Let’s continue to examine these possibilities.
Real Estate Investing
The IRA Club offers a range of real estate investment alternatives, including conventional investments, house flipping, and investing in mobile homes, agricultural land, and undeveloped land. The one with the most appeal among them is investing in Airbnb. Using an IRA asset for personal purposes is prohibited, though, and many requirements must be followed to comply with the law. Make sure you are familiar with the rules.
The IRA Club enables investors to invest in various debt products, and profit from the interest customers pay. An IRA account offers a variety of lending alternatives, such as investing in promissory notes, private lending agreements, loans for home renovation, bridging loans, partnership investments, and more.
Other Investments at The IRA Club
The IRA Club also provides the opportunity to invest in cell phone towers, wind farms, life settlements, and structured settlements.
The IRA Club IRA Fees
The annual price for joining The IRA Club is $195. Some of the main charges from that schedule are listed below: Although rivals charge standard annual maintenance and average transaction fees, there is no price based on the account’s value.
General Investing Fees
The IRA Club charges a yearly fee of $135 plus a one-time setup fee of $40 for all general investing accounts. Real estate investing costs start at $195; those who want to purchase in an offshore country must also pay an additional $295.
Lending and Loan Investing Fees
There is a $125 annual fee for these accounts. There is also a $35 one-time setup fee in addition to that.
All Other Fees
A variety of administrative fees are assessed by The IRA Club for services and buy/sell transactions. The $75 domestic real estate buying/selling fee is the most expensive; other costs start at $15 for buying/selling transactions and $5 for account withdrawals.
Customer Support at The IRA Club
The IRA Club, conveniently located in downtown Chicago, allows customers to visit the office to speak with specialists or contact them by phone (312-795-0988) or email ([email protected]).
The IRA Club serves a relatively limited clientele because there are only two client care specialists and one manager stated on the company page so that it can provide each client with their attention. However, busy periods like the holiday season may result in longer waits for clients to receive assistance.
Despite this possible drawback, user testimonials regularly show how well-regarded The IRA Club is.
The IRA Club Customer Reviews
Consumers looking for reviews on The IRA Club will be happy to find that the business has an A+ rating from the Better Business Bureau and has received only positive comments.
Clients who choose The IRA Club over rivals like Accuplan cited timely service, fair pricing, simple paperwork and processes, and overall excellent investment results as reasons to do so.
Moreover, The IRA Club’s Google My Business profile has 66 customer reviews and a 4.9 out of 5-star rating. Regrettably, neither TrustLink.com nor the Business Consumer Alliance list The IRA Club; nevertheless, this does not necessarily imply that there are any potential service-quality issues.
Frequently Asked Questions about the IRA Club IRA
Below are some of the most common questions people ask about The IRA Club:
Where is the IRA’s Club Headquarters?
The head office of The IRA Club is located in downtown Chicago, Illinois, at 67 East Madison Street, Suite 1510.
Are There Any Investments Not Allowed in an IRA Club Account?
The IRA Club does not advocate the usage of LLCs for IRA investments but instead provides investors with a wide range of other investment possibilities. In contrast to many rivals, the IRA Club offers several distinctive possibilities that draw investors to them. For instance, some companies do not allow them to invest in Airbnb.
Can I Invest in Real Estate Through a Limited Partnership or Limited Liability Corporation (LLC)?
Like other providers, The IRA Club does not advocate the usage of LLCs for IRA investments. However, there are several reviews for IRAs housed inside LLCs if investors want to avoid working with The IRA Club.
Can I Convert a Traditional IRA to a Roth IRA?
Using the guidelines provided by the financial institution, investors have 60 days to roll over or transfer their Traditional IRA into a Roth IRA without paying income tax. Investors must pay income tax if they sell their assets and convert the proceeds into cash.
Should You Choose The IRA Club IRA for your Self-Directed IRA?
Some of the top client testimonials in the sector can be found for The IRA Club. They deliver an excellent degree of customer service with a small team. They provide all the standard account kinds and are excellent at maintaining legal compliance with the IRS. Also, their simple account setup procedure can be finished online.
The two main investing alternatives the IRA Club offers are real estate and investing. Other private investment alternatives exist, such as the unique chance to invest in Airbnb through an IRA. Overall, The IRA Club is a fantastic service that provides a genuine atmosphere within a corporate culture and a wide range of investment alternatives. Remember to look at our unique Top IRA Providers comparison table before choosing.
Pros & Cons
- Positive client feedback and service.
- Legal adherence to IRS requirements
- Simple online account creation process with two primary investment possibilities (real estate and investing)
- An unusual chance to fund an IRA with Airbnb investments
- Minimal personnel size that could hinder customer service capacity
- The requirement to research additional service providers using the Best IRA Providers comparison table
Final Thought- Iraclub Review
For IRA providers seeking a balance between conventional investment alternatives and unique private investment opportunities, The IRA Club is a fantastic choice.
This option is desirable due to its outstanding customer reviews, legally sound standards, and simple account setup procedure. Review all the Best IRA Providers available to ensure you choose the best for your financial future.