Solo 401k for Consultant: Invest in Private Businesses with Retirement Plan

Do you like the idea of doing business or investing in brilliant business ideas? Entrepreneurs and small business owners look for innovative investment opportunities. With the economy stabilizing post-recession and comparatively weaker job data in 2015, more people are choosing entrepreneurship over regular jobs. The biggest hurdle in starting a business is to arrange the necessary capital funding, while the current economy has limited funding alternatives. A Solo 401k for consultant and self-employed individuals could be the solution for you.

Solo 401k for consultant

Solo 401k is a retirement plan for small business owners and self-employed individuals. The most attractive feature of this retirement plan includes flexible investment opportunities. It allows you to invest in private business, real estate, precious metals, tax liens, private lending, and similar investment opportunities.

If you are planning to start your own business, the Solo 401k could help you with capital investments through the loan option. The best part of the deal is that it will be considered as a loan investment instead of a withdrawal. For existing business owners, they can expand their business with Solo 401k loan investment option.

What makes Solo 401k for consultant a perfect tool for startups?

  • Non-traditional investment opportunities: Solo 401k allows multiple investment opportunities including real estate, private business, precious metals, tax liens, and tax deeds.
  • Checkbook control for quick investing: You can avail checkbook control feature that allows you to invest at a moment’s notice. You do not need custodian consent and investing is as easy as issuing a cheque.
  • Participant loan option: Every business requires financial support at its initial stage and Solo 401k offers that. Every plan participant is eligible for a participant loan of 50% of the total fund value up to a maximum limit of $50,000.

In addition to these business-oriented characteristics, Solo 401k allows higher contribution limits of up to $53,000 in 2015 and catch-up contributions of $6,000. The maintenance of these accounts is easy and you won’t even have to submit an annual filing for accounts holding less than $250,000 in asset value.

All you need to do is to open a Solo 401k account and shift your existing retirement savings from IRAs or old 401ks into the account. Once your account is active, you are free to take advantage of these features. Make sure to choose a Solo 401k provider that offers these investment opportunities and checkbook control. It is the right time to start investing in your future and financial safety.

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