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RedDog
07-23-2002, 01:17 PM
OK - my retirement funds are in the tank like everyone elses. If I were to roll my remaining funds over as SEP investing in vintage Donzis, would that qualify under IRS rules :D Would I have to park the Donzis in escrow until retirement or could I start making penalty-free withdrawals before age 55? Say withdraw a Criterion this year, a 28 Sportsman the next...

It occurs to me that this is an idea Scot P may have already hit upon :D

Last Tango
07-23-2002, 01:59 PM
First you need to decide if you are going to have a self-directed Donzi IRA, or go with a Professional Donzi Advisor (PDA). Self-directed means you may have to join some sort of Donzi Investment Club (geez, I think you may have already done that just by being on this website). Going with PDA has the advantage of professional portfolio management, fee-based rather than commission-based management structure, and one central location for all your assets (I'm thinking Grand Cayman, known for its "flexibility" regarding investment choices. An offshore account will also limit the amount of snooping by the IRS).
Real IRAs (not bank interest-limited IRAs) allow you to change your portfolio holdings as often as you like, buy and sell freely with no taxable consequences, and defer gains until you withdraw. Remember you must be at least 59 1/2 yrs of age to make withdrawals without an additional 10% penalty, OR you can start at 50 yrs of age without penalty under the Rule 72(t) as long as you make substantially equal withdrawals for a period of at least five years (a Classic this year, a Minx the next, is okay).
The Donzi IRA will have limitations. You cannot borrow against you IRA, nor can you use it as collateral for a loan. There are no Margin transactions allowed in an IRA. However you may trade in Donzi options, futures, and commodities.
The 1986 Tax Law changes removed the 90 DAY Rule which previously allowed you to make withdrawals for periods of up to 90 days then return the assets in full, penalty and tax free. This rule no longer applies. You must enjoy the assets where they are held.
I am not registered in the State of Tennessee, nor is this a solicitation for business. Check you local laws for applicability. Seek the advice of your tax specialist before investing.

Dr. Dan
07-23-2002, 05:01 PM
Mark, You need to cut down on the Meds :D , you're starting to have this all make sense! I may send this to my people to make sure I am properly (Donzi)diversified!...Doc

HyperDonzi
07-23-2002, 06:17 PM
wow, what a great idea. i will need to try this in quite a few years. when should i start a retirement thing?
reminds me of jimmy buffett, after his first paycheck in the record industry, took half to his agent and the other half bought a sailboat as a type of life insurance.