If you are looking for retirement accounts for self employed, the best option is the Solo 401k retirement plan. Why? According to trusted 401k retirement companies such as Sense Financial, the Individual k pension plan is full of promising features for a financially secure future. The best time for you to think of your future and make this lucrative and life-changing investment is now. There are innumerable benefits you can enjoy if you opt for this type of pension plan compared to traditional or SEP retirement accounts.
Surprising Facts about Retirement Accounts for Self Employed
The Self-Directed 401 k pension plan is one of the best investments you could venture into. Why? Here are some of the remarkable and oftentimes surprising truths about this pension plan:
- Tax-Free Features – If you opt for a 401k rollover to Roth, you can enjoy countless benefits particularly freedom from tax restrictions and obligations. The Roth 401k sub account enables you to make an after-tax contribution to enjoy the privileges of a tax-free earning and withdrawal. With the use of the Roth Solo 401k, whatever you earn from your investment can be enjoyed tax-free.
- Loan Options – The Solo 401 k pension plan is one of the retirement accounts for self employed that helps you solve your financial crises through letting you borrow from your retirement savings. Qualified plan owners can take a loan of up to 50% of their total account value or $50,000, whichever is less. The repayment terms are owner-friendly as the amount can be repaid on a quarterly or monthly basis at a rate of Prime plus one.”
Are you qualified for a Solo 401k Plan?
The Individual k pension plan is highly recommended among retirement accounts for self employed small business owners. Thus, if your business does not employ full-time employees other than yourself and your spouse, you are qualified to set up the Owner-Only retirement plan. Your self employment can also occur in the form of working as an independent contractor or consultant.
It is quite easy to find which of these retirement accounts for self employed are best for your future financial stability and security. Establish the Individual k pension plan and enjoy the numerous advantages of a retirement account that is geared for the self-employed.