Investing your retirement funds in traditional assets could be more risky than running your own business. That is why self employed individuals should not gamble their hard earned money to investment options that could not guarantee a safer retirement. The best individual 401k plans which are designed to be self directed could be the most viable choice for self employed individuals to rely on as they reach retirement age. The individual k or Solo 401k is by far the most promising retirement plan for small business owners.
As the result of the great recession from several years back, more Americans are not completely relying on their retirement accounts as the primary source of income when they reach their golden years. Reported implications include: (1) huge number of people planning to postpone retirement to later years have grown significantly, and (2) saving for retirement has been the top financial worry of most Americans particularly those belonging to the middle aged group. Furthermore, (3) retirement confidence of boomers is not as high as before and (4) retirement investors are okay with low earning investments that would guarantee safe initial investments.
Choose from the best individual 401k plans that can be self directed so it would be simpler for you to invest on assets that you believe would work best
An individual 401 k plan could be the best solution for the implications mentioned above. With this plan, the gambling-type of investment to traditional assets are avoided because investment options can be directed to tangible non-traditional assets that a participant can take control. Checkbook feature is present on this kind of retirement plan which makes investing and other transactions a lot easier. Tax free retirement money can also be received when contributions are made through the Roth sub account available with this plan.
Retirement is something that would certainly happen and retirement savings must be one of the things an individual must be certain to have. The type of investment where you put your funds is the determining factor if your retirement account will be able to suffice your daily living in your later years. Having this in mind, it is important that you choose the best individual 401k plans especially if you are a self employed person.
Incoming search terms:
- individual 401 k plan
- best retirement plans for self employed
- 401k self employed
- best solo 401k plans
- individual k or solo 401k