If you are looking to save money for your golden years, it is likely that you have heard of an individual retirement account (IRA). These accounts allow you to invest your pre- or post-tax dollars in mutual funds, stocks and bonds. However, if you are looking for more – you might want to consider opening a self-directed IRA, also known as a SDIRA. These special retirement accounts allow you to invest in alternative assets. Advantages of a Self-Directed IRAThe advantages of a SDIRA go beyond those of a simple IRA account. In fact, below are just a few of the reasons the experts at IRA Business Trust recommend a SDIRA account to anyone interested in opening a retirement account.Diversify Through Alternative AssetsOne of the greatest draws of a SDIRA are the alternative assets you can invest in. Real estate, precious metals, and renewable energy sources are just a few of the options available to SDIRA owners. Private placements, foreign currency and many other things are also allowable investments. (In fact, the Internal Revenue Service (IRS) actually allows you to invest in much more than it restricts with a SDIRA!) Because of the greater investment options available to you, you have a greater likelihood of reaping a larger reward.Tax-Advantage Account RewardsA SDIRA is considered to be a tax-advantage account. If you open a traditional SDIRA, with pre-tax dollars, you can invest in alternative assets with tax-deferred dollars. This means you have more money to start your investment with. If you open a Roth SDIRA, with post-tax dollars, you can reap tax-free profits. Because you already paid taxes on these dollars, the growth and profits are potentially tax-free. (Speak with one of our experts today to learn more about what the different types of accounts can mean for your future!)Asset ProtectionOpening a SDIRA with a reputable firm, like Royal Legal Solutions, can ensure you know the best way to protect your assets. For example, Royal Legal Solutions makes it easy for you to open a business entity, such as a limited liability company (LLC) or business trust, with your SDIRA. By forming a SDIRA LLC or series LLC, you can shield your account assets and personal assets from lawsuits and bankruptcy rulings.Total ControlThe IRS specifies that any self-directed account is the responsibility of the account owner. This means you make all of the decisions. While you custodian acts on your direction, you can gain even more control. Through opening a LLC or business trust in the name of your SDIRA, you also gain checkbook control. This means you can make investments instantaneously without running it through your account custodian. Think that house at the end of the street is a great investment opportunity? All you need if your SDIRA checkbook.