How John Hancock 401k Differs from Sense Financial Solo 401k Plans

John Hancock 401k

John Hancock 401k

There are innumerable retirement plans out there and you may come across some such as John Hancock 401k. There are other popular and preferred pension plans available in the market such as Solo 401k plan from trusted and reputable providers. Dmitriy Fomichenko, president and founder of the financial firm, tells its innumerable clients and customers how this type of plan could be your most secure way of retiring and investing your hard earned money at the same time.

Things to learn about John Hancock 401k and Sense Financial 401k

The only difference is the administrators or providers of the self-employed retirement plan or individual 401k. It pays to understand the basics of this pension plan. What is it all about and how you could get the best return on your investment? Here are some of the things you need to learn about the plan:

  • This plan allows the plan holder to build his retirement assets through investing in various trades or industries such as real estate and precious metals among others.
  • Solo 401 k has a Checkbook Control feature which offers easy access to your retirement funds. You can start investing by writing a check or making a wire transfer.
  • The Sense Financial retirement plan does not require you to secure permission from an appointed custodian to use your money for investment.
  • Individual 401k is an ideal plan for self-employed individuals such as consultants or independent contractors. Those who have small businesses without full-time employees, except themselves or their spouse, are likewise qualified.
  • The pension plan allows highest maximum contribution per annum, which is $56,500 for plan holders above 50 years and $51,500 for those under 50 years.
  • Plan owners could borrow up to $50,000 or 50% of their account balance, whichever is lower, from their 401k plan regardless of the purpose, either for investment or other financial transactions such as bill payments.
  • Borrowing money from your retirement plan does not require heaps of paperwork or long waiting period because you are the plan’s trustee.

John Hancock 401k is another retirement plan option for those who want to have good and reliable pension plans or policies. Sense Financial Services, on the other hand, has been in the industry for years and has embarked upon various wealth building activities to help their clients maximize their results upfront.