For most individuals, 60 years old is considered as the ideal age to retire but based on IRS, the normal retirement age is 62. This is also the age when you may start receiving benefits from your Social Security. When an individual reached 60 years of age, he or she can already receive qualified distribution from his or her qualified plans. Regardless of the ideal retirement age, majority of soon-to-retire Americans these days are choosing to delay retirement to the average age of 62 years old while a significant number of baby boomers are considering retiring by the age of 70. Even younger Americans would see themselves retire by the age of 66 or even more.
For employed individuals, setting up qualified retirement plans is simple especially if the employer you’re working with offers retirement benefits for their workers. However, if you are a small business owner, having at least one of the self employed retirement plans could help you achieve effective financial planning. Finding the right partner to set up a retirement plan is very important so that you will be aware of what you can and you cannot do with your retirement savings. They will be your financial coach to prepare you for retirement regardless of what age you decide to retire.
Choosing the best qualified plans to prepare you financially for retirement is essential and choosing the best financial partner could help you obtain an effective financial planning
The Solo 401k and the Checkbook IRA are the perfect example of a qualified retirement plan. Small business owners operating his business without any full time employees other than his or her spouse are eligible for the Solo 401k plan, while larger business owners can sign up for the Checkbook IRA. Both qualified plans can be invested in to non-traditional assets if the account owner chooses to self-direct the plan. Also, both plans have checkbook control feature that allows owner to easily make transactions on the account by simply writing a check. Moreover, with the Solo 401k, account holders can take advantage of the Solo 401k loan feature and the built in Roth account to make diversified contributions.
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