Can Your Self Employed Retirement Plan Satisfy Your Retirement Goal?

self employed retirement

self employed retirement

Companies that offer self employed retirement plans have different approach to attract potential participants to avail of their services. If you come to think of it, the features of these self employed 401 k plans are all the same because IRS stipulated the same rules for each type of plan. So how would you know if the kind of retirement plan you sign up for can really satisfy the kind of retirement you envision?

Retirement plans, pension, and social security are all essential to an individual’s retirement goal. They are designed to meet the needs of a person as he or she retires from work or business. Most of the retirement plans have different features intended for the type of employment an individual has. Workers or employees can have access to company offered 401k plans or IRAs in which contributions are shared between the employee and the employer while retirement plans for self employed individuals are also available in the form of the Solo 401k and SEP IRA.

How these self employed retirement plans can satisfy your retirement goal actually depends on the account holder and the financial advisor as well. Though majority of the responsibilities go to the participant, the financial advisor’s role as the consultant is equally significant. Constant communication with your advisor is important so that you keep each other updated with your retirement goal, investment choices, retirement planning strategies and the likes.

Self employed retirement plan features, your financial advisor, and yourself can work together to satisfy your ultimate retirement goals

You can make sure that your retirement plan can satisfy your retirement needs if you fully maximize its features. A good example is the Solo 401k plan. Some of the numerous features include a (1)Roth subaccount—to tax diversify your contributions, (2) catch up contribution when you reach the age of 50—which allows you to put more money in your account and profit more from the investments, (3) unlimited investment options— that lets you invest in tangible assets that are not as risky as the stock market, and (4) checkbook control—to let you have access on your account and make transactions anytime by just writing a check.

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