Self Directed Solo 401k Plan Aids Business Owners in Planning for the Future
Think of the self directed Solo 401k plan in this way: you enjoy the control over your life and career as a small business owner and entrepreneur. Why should planning for retirement be any different?
The Solo 401k Plan can help you stay financially sound during retirement, while still giving the freedom and control to live your life the way you are most comfortable with.
It is a traditional 401(k) plan specifically tailored for the self-employed, like yourself. The plan is easy to set up and even easier to maintain. It’s structured so that no custodian is needed. Control over your retirement funds is placed into your hands, where you can invest and diversify in order to grow your funds.
If you are already investing in another type of small business plan, you might want to consider making the switch to a self directed Solo 401k plan sooner rather than later. You don’t want to miss out on its many benefits.
Benefits of the plan
- Tax-deferred or tax-free profits and gains
- High tax-deductible contributions
- Greater ability to make contributions than a SEP IRA and other self-employed plans
- High contribution limits up to $59,000 per year (for 2015)
- An abundance of investment choices
If your business starts to slow down or life throws a wrench into your plans, you are under no obligation to make contributions. And when business picks up, you can start making contributions again up to the allowed maximum.
If this sounds like the retirement plan for you, act now. Why wait any longer to establish this plan for yourself?
Note: We have several options available for self-employed individuals. Speak with one of the specialists at Sense Financial Services as soon as possible to find out what is the best option for you.