The Solo 401 k retirement plan maximum contribution sets the bar higher for retirement investors. A lot of those who plan to put their money in the right place find the Solo k a promising choice. In fact, more and more retirement investors are making the switch to the Qualified retirement plan 401 k. There are two eligibility requirements in order to establish the 401 k account. First, you have to be a small business owner with no fulltime employee except you and your spouse. Second, there must be a presence of self-employment activity.
Solo 401 k Retirement Plan Maximum Contribution for Consultants
Self-employed individuals are those that work as consultants, freelancers, and independent contractors. This is applicable to certain professions or careers such as real estate agents and brokers as well as doctors. Even if you have a fulltime job, you can still qualify for the Self-Directed 401 k. Fulltime employment in tandem with a self-employment activity such as working as a consultant makes you eligible for the retirement account. Take advantage of the Solo 401 k retirement plan maximum contribution and other perks for qualified self employed professionals. According to the Individual k experts, the updated max contribution of the plan is 10 times higher than other Traditional plans. Plan participants can choose between salary deferral and profit sharing contribution electives.
The maximum contribution for salary deferral is $18,000 for participants below 50 years old. The total Solo 401 k retirement plan maximum contribution for both salary deferral and profit sharing is up to $59,000. The amount is inclusive of the $6,000 catch up contribution for age-qualified participants.
How to Enjoy Bigger Retirement Funds
Consultants such as doctors, real estate professionals, architects, and others enjoy wealth-building opportunities with significantly higher retirement savings. With the Solo 401 k retirement plan maximum contribution, you can save more and earn more. Plan participants are eligible to invest their retirement money on qualified transactions. These are transactions in real estate such as investment on mortgage notes, tax deeds, tax liens, rental properties, and raw lands. Other ways to generate income through the Solo 401k retirement fund is through precious metals. The Checkbook Control feature allows you to enjoy the huge savings from the Solo 401 k retirement plan maximum contribution without custodian consent.
Start building your finances with the Participant-Only 401k. With a higher Solo 401 k retirement plan maximum contribution, you can experience lucrative earning using your retirement funds.
. Individual 401 k loan opportunity
. Qualified retirement plan 401 k
. Self-Directed 401 k