Vanessa Pham

Vanessa is the Marketing Manager at Sense Financial Services LLC. Vanessa oversees all marketing efforts of Sense Financial, including live events and webinars, online content distribution, and social media management.

4 Comments

  1. Barbara Armstrong
    August 12, 2014 @ 9:48 pm

    Re:Roth solo 401k,

    Can I contribute to this account if I work as an INDEPENDENT CONTRACTOR?

    Does this have check book control?

    Must I start taking distributions at a certain age or is it like a Roth IRA where distributions are never necessary in my lifetime?

    I have an opportunity to start working as an independent contractor and choosing to do so will be dependent on the answers to these questions.

    Thank you,

    Barbara Armstrong

    Reply

  2. Admin
    August 12, 2014 @ 10:48 pm

    Barbara, yes, the Solo 401k plan is designed specifically for independent contractors. The plans we set up are self-directed, trustee-managed and does come with the checkbook control.

    The required minimum distributions are begin at the age 70½. If you wish, you can convert it into Roth IRA which will not be subject to RMD.

    Based on our discussion before you can take advantage of this plan.

    Reply

  3. Tom
    August 19, 2014 @ 7:43 am

    I am an employee of a school and would like to invest in real estate (when I can get a loan again–had foreclosure a year ago). Is a 401K with checkbook good for me or something else? Thank you.

    Reply

  4. Admin
    August 20, 2014 @ 2:03 am

    Tom, the fact that you personally had a foreclosure has very little to no effect on your investing with the 401k. I think you are mixing the two.
    Solo 401k is a self directed retirement account which allows you invest your retirement funds into non-traditional investments such as real estate. But the funds must only be used for investment purposes, you are not allowed to buy residence.
    Feel free to contact us to get better educated on this subject.

    Reply

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