One of the most appealing features of the Solo 401 k is the Individual 401 k investment diversification. It is an attractive feature especially for retirement investors. If you establish an account with the right Self-Directed 401 k plan provider, wealth-building is part of the package. The Owner-Only 401 k is a lucrative investment for financial growth. The first step you need to take is to learn the essentials of the 401 k retirement plan.
Individual 401 k Investment Diversification and More
Other than the Individual 401 k investment diversification, the most important thing to know about the plan is the eligibility requirements. Are you qualified to establish an account? Eligible individuals will have the chance to uncover more perks from the retirement plan. Here are the two main requirements in order to qualify for the Solo k:
- Self-employed. All plan applicants must first prove their self-employment activities. Before you can establish an account and enjoy the Individual 401 k investment diversification, you have to present proof that you qualify based on this requirement. Self-employed individuals work as freelancers, consultants, and independent contractors. This is the case with real estate brokers and agents as well as physicians.
- Small Business Ownership. A small business owner does not have fulltime employees in his company. The business owner and the spouse are the only two people that can work full time. According to the IRS, fulltime employees are those that work 1000 hours a year. Show proof of small business ownership and experience the perks of the Individual 401 k investment diversification.
Boost your Earnings and Retirement Savings
Getting qualified to establish the Participant Only retirement plan is just one of the most essential things to do. You can further enjoy the Individual 401 k investment diversification and earning if you choose the right plan provider. The retirement account offers the 401 k contribution maximum limits that are 10 times higher than any Traditional IRA plans. It also offers tax-free investments when you roll over to the Solo k Roth account. Boost your retirement money through verified transactions. The Individual 401 k investment diversification options include real estate, precious metals, hard money lending, private business, foreign currencies, and stocks and bonds.
Retirement investors have convenient ways of managing their retirement money with the Checkbook Control features. This allows plan participants to use their retirement funds on the Individual 401 k investment diversification opportunities without custodian consent.
. 401 k contribution maximum limits
. Self-Directed 401 k
. Solo k Roth account