The Owner-Only Retirement Account for Small Business is one of the best ways to find another financial option to help boost your business ventures. The Solo k retirement plan is more than just your usual retirement account. It has numerous features that could help plan owners see their money grow and actively engage in wealth-building activities using their retirement savings. Thus, if you want to invest your hard earned money into something that has viable return of investment, the private 401k retirement plan is the best option.
Open an Owner-Only Retirement Account for Small Business
There are simple and easy to comply with requirements in order for you to establish the Individual k retirement account. Here are the eligibility requirements to comply with:
- For Self-Employed Individuals – The self-directed 401k is also referred to as the self-employment 401k qualified retirement account. You are eligible to establish an account if you are self-employed or could prove your self-employment activities. As defined in the Owner-Only Retirement Account for Small Business rules, a self-employed individual is someone who works as a consultant or independent contractor or any line of work with the similar nature of employment. Does it mean you cannot have a full time job? Participants can still be employed full time as long as they have proof that they are self-employed at the same time.
- For Small Business Owners – A small business owner must not have any hired employees who are working full time in the company. However, the plan participant or business owner is exempted from this rule as well as his/her wife.
Why the Qualified 401k retirement plan is good for entrepreneurs?
If you’re a small business owner or startup entrepreneur, the Solo 401k is a viable option for further financial assistance. You can use your retirement savings to invest in a wide range of investment fields. The real estate industry is one of the most preferred investment options where you can use your retirement funds and see your money grow in an exponential scale. Other fields of investment include precious metals, stocks and bonds, and private businesses.
The Owner-Only Retirement Account for Small Business has numerous remarkable features that would make it easier for plan participants to access their money for business ventures. Moreover, it also offers the Roth sub account where you can enjoy tax-free investments, income, and withdrawal. All you have to do is start your investment now.
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