SEC approves DragonFi as first broker PERA administrator

The Securities and Exchange Commission (SEC) approved DragonFi Securities [link] as a Personal Equity and Retirement Account (PERA) administrator. PERA is a voluntary savings program that provides tax advantages and serves as a supplement SSS and GSIS benefits. The key PERA advantage is that all the gains made “inside” the account are tax-free, provided the withdrawals are made after the account holder turns 55. 

MB bottom-line: DragonFi has not yet released the details of what its PERA program will look like, but this is something that I’ll probably cover in greater detail soon as part of my personal finance coverage. These kinds of accounts are not appropriate for every investor, since early withdrawals are subject to penalties, but they can be an incredibly effective tool for those who are using the markets as a component of their retirement plan. I’ll update soon when I find out more.

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