As a small business owner and an entrepreneur you enjoy the control you have over your own career and life. So why should planning for your retirement be any different? The Solo 401k Plan can help you stay financially sound even during retirement, all the while still giving you the freedom to live your life the way you are most comfortable, in control
Self Directed Solo 401k Plan can give you all the peace of mind of a traditional 401(k) plan, but it is specifically tailored for the self-employed, like yourself. A Solo 401k Plan is easy to set up and even easier to maintain. The hardest part will be deciding where in the world you want spend your first post-retirement vacation.
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. If you hesitate for even a moment, you are doing yourself and your spouse a disservice by missing out on the overwhelming number of benefits that accompany a Solo 401k plan.
Some Benefits of a Self Directed Solo 401k Plan:
- Tax-deferred or tax-free profits and gains
- High Tax-deductible contributions
- The ability to make greater contributions with a Solo 401k than a SEP IRA and other self-employed plans
- High contribution limits up to $59,000 per year (for 2015)
- Plus abundance of investment choices
Subsequently, if your business starts to slow down or life throws a monkey-wrench into your plans, you are under no obligation to make contributions to a Solo 401k plan during that time. Then, when life’s little lemons turn back into lemonade, you can start making contributions again (up to the allowed maximum).
If this sounds like the right retirement plan for you, now is the time to act! Investors have to establish the plan before the calendar year to be eligible for tax benefits. Why wait any longer?
Note: The Solo 401k plan is not one of the several options available for the 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.