John P. Napolitano: Alternative IRA is good deal for some

Say the words "Individual Retirement Account," and most people automatically think in terms of an IRA where investments are made in the stock market or mutual funds. But if you're on the lookout for a more creative approach to building retirement funds, the self-directed IRA may be one to consider.

Before we go any further, a few words of caution. While most types of IRAs can be converted into self-directed IRAs, the process of setting up one can be cumbersome. Believe me -- you'll want the assistance of a professional adviser to help with the paperwork and thoroughly explain this investment mechanism's guidelines. Once done, however, you may find that a self-directed IRA provides opportunities for investment that you thought were forbidden in IRAs.