401k Retirement Withdrawal – Most Convenient Features of the Owner-Only Account

401k Retirement Withdrawal

401k Retirement Withdrawal

With the 401k retirement withdrawal feature, plan owners could access their retirement funds minus the hassle and tons of requirements. The Solo 401k account is a retirement plan where plan holders have the sole right since they are the trustee of their own account. Moreover, no custodian is required so that you can easily use your retirement savings for investment and other purposes without asking the consent of an account administrator.

Why people are switching to the Solo 401 k policy?

There are many other upsides and benefits plan holders could enjoy on top of the easy and convenient 401k retirement withdrawal. Here are some of the listed features of the Individual 401 k retirement plan which make the plan highly recommended:

  • Checkbook Control

The Solo 401k retirement account is the easiest retirement plan to give access to plan owners their money and savings. You can actually use your funds in your account whenever you need to pay bills or debts or make an investment. The good news is that you may opt for the shortcut and need not comply with heaps of paperwork and other requirements to borrow your retirement savings. You can use it as easy as writing or issuing a check.

  • Tax-free benefits

The 401k rollover to Roth feature of the Owner-Only retirement policy states that owners could do after-tax contribution so that they need not pay taxes. The tax-free benefit of the Roth sub account of the Solo 401k allows plan holders to enjoy their earnings from investments without income tax restrictions.

  • Multiple investment options

Aside from the 401k Roth benefits, plan owners could watch their money grow when they invest their retirement savings on different fields. Real estate is one of the many lucrative fields where the plan owner could invest from the 401k account. Other areas include mortgage note investment, mutual funds, precious metals, foreign currencies, tax liens and many others.

401k Retirement Withdrawal and Loan

Unlike other retirement plans, the Individual 401 k retirement policy allows plan owners to borrow money from their account. Loans could be used for different purposes depending on the owner’s volition. Plan holders could borrow up to $50,000 or 50 percent of their total account value whichever is less.

The 401k retirement withdrawal and loan option guarantees easy repayment terms with the lowest interest rate. No wonder more and more people are making that all-important and practical switch to the Solo 401k.