Even though the economy is slowly regaining its vigor, a lot of people are still without a full-time job and switched to self-employment due to the recent economic crisis that our country experienced. But even though many individuals were laid off, saving for their retirement is still an important factor to them. Fortunately, Sense Financial offers the best retirement plan for self-employed individuals who seek to take advantage of the amazing benefits and opportunity offered by self-directed Solo 401k plan designed specifically for self-employed and small business owners.
Solo 401k: The Best Retirement Plan
The self-directed Solo 401k plan is considered the best retirement plan for individuals who are self-employed, such as freelancers and contract workers. The 401 k plans for self-employed individuals is specifically designed for people who are sole-proprietors or own small businesses without full-time employees other than their spouse and the business owner himself.
The Solo 401k is the best retirement plan for people who are self-starters who try to find ways to earn income for their family and at the same time plan for their retirement, despite the fact that they don’t have a full time job to depend on. In addition, it is also the best retirement plan for individuals who earn revenue from a small business that does not maintain full time employees.
Best Retirement Plan: How it Works
The 401 k plans for small business owners and self-employed individuals are created for people who earn revenue from a self-employed work or small businesses, such as a sole proprietorship, partnerships, LLC or a corporation. People who are eligible for the best retirement plan available in the market today (Solo 401k) can contribute up to the maximum 401 k contribution limits of $57,500 and can fund it by transferring funds from their old accounts, like SEP IRA, Keogh plans, Traditional IRA’s, defined benefit plans and their previous employer’s 401k plans.
The self-directed Solo 401k plan delivers a multitude of features and benefits, including freedom in investments, high contribution limits, easy funding and even a loan feature that lets account holders borrow up to $50,000, tax-free and penalty-free. It is simply the best retirement plan existing. It is specifically designed to help secure a better future for you and your family.
So if you are self-employed entrepreneur, sole-proprietor or small business owner and earning revenues from self-employed work, then you should definitely take advantage of this wonderful opportunity that self-directed Solo 401k plan offers.
For more information on the best retirement plan for you and your family, please contact one of our retirement account 401k experts.