Real estate professionals are usually plunged in a working environment where they are dubbed as self-employed or independent contractors. If you belong in this category of professionals, the Self-Directed Solo 401k retirement plan with Checkbook Control feature is considered the ideal retirement plan for you. Sense Financial launched this retirement plan for real estate professionals who are under the self-employment category and are independent contractors. This is highly recommended because it is explicitly designed for real estate self-employed professionals who want to boost their retirement savings.
Self-Directed Solo 401k Checkbook Control Basics
There are various points and fundamental features of the Checkbook Control, Self-Directed Solo 401k retirement plan specially designed for real estate professionals:
- The retirement plan is also known as Individual 401 k plan which allows the plan holder to use their retirement savings or funds in any transactions or investment of their own and choice.
- The Self-Directed Solo 401k retirement plan is quite helpful and beneficial with innumerable upsides including no tax and no penalty features hence it has various tax, retirement as well as investment privileges.
- The retirement plan allows the retiree investor to make transactions without the consent or permission of any appointed or authorized custodians.
- The retirement plan offers high contribution limits with the highest annual contribution amounting up to $51,000 for 2013.
- The retirement plan provides more advantage for plan holders aged 50 years old and above because it allows additional $5,500 for their annual contribution called the catch up contribution.
- The retirement plan allows plan holders to borrow their money up to 50% of their total account value or $50,000 whichever is less. This borrowed amount could be utilized in various purposes including payment for bills such as credit card expenses, mortgage and so much more.
- The retirement plan loan is payable over a five-year time frame at minimum prime interest and at least quarterly.
- Individual 401k
- Solo 401k loan
- Solo 401k Rules
- Owner-only 401k
- Self-Directed Solo 401k
- Solo 401k Contributions