When it comes to retirement accounts for self employed individuals, there are important things one must consider before signing up and making investments. The nest that will hold your eggs for retirement must be designed for your own specific needs as a self employed person. Your financial partner will provide you with different options that will suit your requirements and the kind of self employment you are currently in.
Retirement accounts for self employed people like the Solo 401k gives you the control in your investment choices and other things.
If you are the type that is running a large scale business and employing several individuals, the best retirement plan for self employed person like you is the SEP IRA. This plan can be self directed in the form of Checkbook IRA. If you want to get off of traditional investments, this is the right retirement plan for you. You can take advantage of the non-traditional investment choices particularly real estate and precious metals as well as other tangible assets that you know how to run like start-up businesses, private entities, loans, and more.
On the other hand, small business owners without any fulltime employees are eligible to sign up for one of the best retirement plans for self employed which is the Solo 401k. This has the exact feature of the Checkbook IRA, but much better because aside from the limitless investment choices, you can also take advantage of the Roth sub account feature should you decide to make post tax contributions anytime. In addition to that, participants are entitled for the Solo 401k loan that can be used for any purpose.
It is essential to know the different kinds of available retirement accounts for self employed person. The kind of nest you put your retirement eggs are not all the same and picking the one that will work best for you will determine the future of your retirement savings.
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