My Solo 401 k plan is not just about saving your hard-earned money through a retirement plan. The Qualified 401 k is also one of the best ways to earn money and build your wealth through using your retirement savings on the best 401 k investment. A lot of plan participants have seen their retirement funds grow before their eyes through income from their investments in real estate, precious metals, and so much more.
My Solo 401 k Plan Benefits
Here are the top reasons why the Self-Directed 401 k is a lucrative choice for retirement investors today:
The 401 k Loan Benefits
The Individual 401 k retirement plan allows plan participants to borrow money from their retirement policy. Not all plan providers, however, share the same rules when it comes to loan options. Some plan administrators are not amenable to the idea of borrowing from your retirement plan. My Solo 401 k plan requires plan participants to carefully choose their plan provider especially those that can help them with the loan paper works and documents for easy application approval. Plan owners can borrow up to $50,000 or half of the total plan value. Borrowers must repay the Prime Rate + 1% within 5 years, at least quarterly or on a monthly basis.
Checkbook Control
My Solo 401 k plan allows plan participants to access their assets without a third party custodian’s consent. The plan owner is the plan’s trustee, giving the participant full power over his financial future and concerns. This also means there are no additional cost or custodian fees and no paperwork in order to use or access your retirement money. Using your retirement funds for investment is as easy as wire transfers or writing a check.
High Solo 401 k Limits
My Solo 401 k plan offers the highest maximum contribution which is 10 times higher than SEP IRA or Traditional retirement plans. Plan participants can contribute as much as $118,000 for profit sharing contribution where both the business owner and his spouse are contributing to the plan. The total amount is also inclusive of the $6,000 catch-up contribution for participants that are 50 years old and older.
With my Solo 401 k plan, you can enjoy all the benefits of a lucrative retirement investment. Best of all, you not only save your hard-earned money but can invest your retirement funds for wealth-building.
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