The best 401k retirement plan advantages start with the highest qualified 401 k contribution limits. According to the Individual k experts, the retirement plan offers 10 times higher maximum contribution compared to Traditional IRA. Other than the huge retirement savings you can make, it helps to know the other features of the 401k retirement account for self-employed individuals and small business owners.
What are the best 401k retirement plan advantages
A lot of retirement investors are making a switch to the Self-Directed 401k because of countless reasons. The earning potentials and huge profits are just few of the perks of choosing the Solo k retirement plan. Plan participants can check their online 401 k max contribution as well as their contribution deadline. Complying with the fundamental requirements, you can finally enjoy the best 401k retirement plan advantages such as the following:
401k Checkbook Control
The self directed Solo k retirement plan is one of the highly recommended retirement accounts if you want full control over your money. The Checkbook Control feature allows plan participants to use and access their retirement funds for investment without consent from a third party custodian. It is one of the best 401k retirement plan advantages: it offers low cost plan administration because you don’t need to pay for custodian fees. The plan owner is his plan’s trustee which means there is no countless paperwork required to use the retirement money.
Loan Option
Plan providers facilitate the loan application and approval. The ability to borrow 50% of the total plan value or up to $50,000 is one of the best 401k retirement plan advantages. Plan owners can check the amount they are eligible to borrow through resources such as the 401k loan calculator. The repayment period is within 5 years and on at least quarterly basis where the borrower must pay the Prime Rate + 1% interest.
Diversified Investment
Wealth-building is a great opportunity and the best 401k retirement plan advantages. Plan participants can use their retirement savings to invest in real estate such as raw lands, rental properties, tax liens and tax deeds, and mortgage notes. Other investment fields to explore include precious metals and stocks.
The best 401k retirement plan advantages are reasons enough for retirement investors to seriously consider establishing the Self-Directed 401 k. The retirement plan is a lucrative investment with the highest ROI and countless perks especially with the right plan provider.
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