With the stock market's roller coaster ride of 2008 in the history books, it seems like some investors are ready to try anything when it comes to saving for retirement. Instead of stuffing stacks of Benjamins into your mattress, consider some exciting alternatives. Self-directed IRAs allow investors to fund all kinds of unusual passions with their retirement savings. Understanding legal guidelines and tax regulations can help you discover the right outlets for your retirement dollars.

Could Your IRA Win the Triple Crown?
If you've ever considered bringing what's left of your nest egg down to the track, imagine betting your retirement on a race horse. Because your employer's 401(k) selection doesn't resemble the Racing Form, you'll have to roll over your savings into a special, self-directed IRA. The horse itself can be owned by a special trust in which your IRA holds shares. Champion horses earn stud fees, making your retirement almost as enjoyable as theirs. However, race horses can end their careers with a single stumble, which makes them more vulnerable than a Silicon Valley startup.

Displaying Your IRA at the Museum
Some investors like to show off their portfolios when hanging out with friends. Others simply hang them on the wall. That's what a handful of retirement investors have done by buying shares of artistic trusts. These entities buy works from both new and established artists, expecting values to appreciate over time. Lending works to museums or renting paintings to businesses can generate more tax breaks or dividends in the short term.

Hanging a "For Rent" Sign on Your IRA
Low mortgage rates and declining real estate prices have some speculators hunting for bargains. A growing number of long-term investors hold shares of real estate trusts that manage apartment complexes and single family homes. Unlike the large REITs offered by many employer-sponsored retirement plans, these trusts are often guided by shareholder interests. Rental fees and appreciating values bolster returns over time.

Understanding the Rules and Risks of Self-Directed IRAs
Because of the tax-advantaged nature of individual retirement accounts, the Internal Revenue Service scrutinizes self-directed IRAs for potential impropriety. Although investments like these can generate dividends for your account, you cannot personally enjoy the property or the perks of owning property, art, or livestock. Living or playing on property owned by your IRA can be considered "self-dealing," and you may have to surrender your holdings or pay severe fines. The IRS might, however, permit you to pet your race horse.

Critics of self-directed IRAs point out that these extremely risky investment strategies defeat the purpose of long-term, tax-advantaged savings. However, some investors consider the stock market just as risky, preferring to take their chances while having a little fun. Although none of these strategies should make up your entire retirement portfolio, carving out an expendable slice of your IRA can give you a thrill, and maybe even a modest return.