The Self Directed Solo 401 k is a remarkable way to ensure your financial stability and growth especially during your retirement years and even earlier than that. With the 401 k retirement plan, you can use your retirement savings to fund your investment of choice without any hassles or difficulty. All you have to do is establish your pension plan with a trusted and reputable plan provider especially Sense Financial. A trusted plan administrator could help you maximize and boost the full capacity of your retirement account from day one.
Up Close and Personal with the Self Directed Solo 401 k
You can find essential 401k education and information if you set up your account with the right plan provider such as Sense Financial. Here are some of the fundamental things you need to learn and understand about the Self Directed Solo 401 k:
- Highest Maximum Contribution – According to the basic information about the Individual k retirement account, it has the highest maximum contribution ten times bigger than traditional SEP pension plans. The overall annual contribution for the Solo 401 k pension plan is $57,500 inclusive of the employee elective deferral, profit sharing and catch up contribution for those 50 years old and above.
- Flexible Options for Investment – The Self Directed Solo 401 k pension plan is offering tons of investment options to choose from. Not all plan providers give you the opportunity to invest on different and versatile industries such as real estate, mortgage notes, precious metals, tax liens and tax deeds and so much more. Thus, the key to having a lucrative pension plan is to find a reputable and trusted plan administrator.
- Qualification Requirements – Applicants who want to set up the Solo 401k pension plan must comply with two main eligibility requirements. First, you have to be a small business owner with no fulltime workers employed in your company except you and your spouse. Second, you must prove self-employment activities such as working as a consultant or independent contractor. You can still have a fulltime job as long as you can prove your self-employment activities on the side.
With the Self Directed Solo 401 k retirement account, you’ll have the opportunity to see your money grow and enjoy huge profitability in the future with the best features of your pension plan. The secret is to set up the Solo 401k plan right now and with reputable and tested plan providers especially Sense Financial.