Self-Directed Solo 401k Retirement Plan Solution for Real Estate Professionals
Are you a real estate professional? Most real estate professionals are categorized as self-employed or independent contractors. If this is you, the self-directed Solo 401k is your ideal retirement plan.
Sense Financial Services launched the self-directed Solo 401k with checkbook control to help clients grow their retirement savings. This powerful retirement vehicle is designed for self-employed business owners with no other full-time employees besides themselves and potentially, their spouse. The Solo 401k, or Individual 401 k, can be invested in a wide array of investment choices, including real estate. As a real estate professional, you can invest your retirement funds in the category you know best.
Self-directed Solo 401k features
- You have checkbook control over your retirement funds. So you can invest as simply as writing a check from your 401k.
- No custodian is needed with this structure. You can invest quickly, without the delays of needing custodian approval.
- The 401k has some of the highest contributions limits available. In 2013, you can contribute up to $51,000 to your plan from your business earnings.
- If you also employ your spouse, he/she can contribute to the plan based on his/her business earnings from the same business.
- If you are 50 and above, you can make an additional catch up contribution to the plan.
- You can also make a Roth contribution to the 401k. Or, rollover pre-tax funds and perform a Roth conversion within the 401k.
- You can borrow from your 401k. The plan has a participant loan feature, in which you can borrow up to 50% of your total account value or $50,000, whichever is less. Use this amount to pay credit card expenses, mortgage and much more. The participant loan is payable over a five-year time frame for general purposes, or up to a fifteen-year time frame for the purchase of a primary home residence.
In summary, the Solo 401k is a multi-featured plan that gives real estate professionals the ability to direct and grow their retirement funds. Contact us to find out if this plan is a fit for you.
- Individual 401k
- Solo 401k loan
- Solo 401k Rules
- Owner-only 401k
- Self-Directed Solo 401k
- Solo 401k Contributions