Being an entrepreneur and full-fledged business owner, you have the benefit of controlling your own business and career. You are your own boss and you have a say on what and what’s not to be done in your business. This is exactly what small business 401k allows you to experience with your retirement account. Sense Financial Services LLC, leading provider and facilitator of Solo 401 k retirement plan shows how this lucrative and dependable account is considered the topmost financial choice for retirement. It basically gives you the freedom to be in control of your retirement savings especially in using your funds for investment.
Important Points about Small Business 401k Plan
This retirement account is ideal for self-employed individuals or businessmen and women who are owners of small businesses. You are eligible to open and secure this retirement plan if you are a business owner without any full-time employees in your payroll with the exception of a spouse. This retirement plan has a maximum 401k contribution limit of $51,000 for contributors aged below 50 years. For retirement plan holders who are above 50 years old, a total of $56,500 is their annual contribution limit given the fact that they could add a catch up contribution amounting to $5,500 per year.
Advantages of the Solo 401 k account
Sense Financial Services LLC, the top name in today’s 401k companies list, provides salient information about this lucrative and popular retirement plan including its benefits and upsides:
- Tax-free or tax-deferred investment, profits and revenue
- Astounding investment options including real estate, precious metals, tax liens and tax deeds, mortgage notes and loans, stocks, bonds and mutual funds, coins and foreign currencies.
- Tax-deductible contributions
- No requirements for custodian consent when using your small business 401k funds for investing
- Checkbook Control features mean no need for heaps of documentation and paperwork when borrowing your retirement savings
- Highest contribution limits per annum for a retirement account
- Offers you better choices and options especially in making bigger contributions compared to other employment plans such as SEP IRA.