The Self-Directed 401k retirement plan is considered the best retirement plans for small business. It is imperative to put your hard-earned money in a viable and lucrative retirement plans. Even if you’re still too young to think of retirement, the earlier you make that investment, the better the results. With the Solo 401 k rules that cover and protect your best interest, financial stability during and before your golden years is absolutely possible.
Tips to Find the Best Retirement plans for small business
The first step to enjoy the innumerable perks of the Solo 401 k plan is to know how to find the best among today’s small business retirement plans.
- Find the right plan provider. The retirement plan industry is overwhelmingly competitive. Thus, you will find it quite challenging to search for the best plan administrator. Do your research and see which of the companies could provide the best retirement plan for you.
- Compare retirement plan companies. Make a shortlist of the potential plan providers you think offer the best features. Check the reputation and background of the plan provider. Know their track records and weigh your decision based on the information you gathered.
- Ask for recommendation. The safest way to find and choose the best provider of Solo k plans is through recommendation. Ask for trusted and reliable referral or recommendation from people you know. You can also read testimonials from plan participants or join group forums and discussions for more information.
Why open an Individual 401 k self-directed plan?
There are various features of the Solo 401 k single-participant retirement plan that offer wealth-building opportunities within your plan savings. Here are the features of the Self-Directed 401k that make it the best among retirement plans for small business:
- High Contribution Limits – For the year 2015, salary deferral maximum yearly contribution for participants below 50 years old is $18,000. Plan owners who are 50 years old and above could make a catch up contribution of $6,000 making the Solo 401k contribution for ten times higher than conventional IRA accounts.
- Checkbook Control – There is no need for custodian consent or trustees since the account owner acts as the plan trustee. This means easy access to your retirement funds.
The Individual k plan is considered the most lucrative retirement plan for several good reasons. Participants of the retirement plans for small business receive numerous benefits and advantages with the features of this retirement plan.
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