The Owner-Only 401k Retirement Plan is full of remarkable features that are attractive for wealth-building. Planning for your future starts now when you establish this lucrative account. The retirement plan offers a wide range of benefits especially if you choose the right plan provider. Once eligible, plan participants could easily establish the account and enjoy its features for a more financially secured and promising future.
Make Sure You’re Qualified
The self-directed retirement plan 401k has eligibility requirements to comply with:
- Small Business Owners – Business owners must not have any full time employees hired and working in his company except for him and his spouse.
- Self Employed Individuals – A participant must show that he/she is self-employed or engages in self-employment activities such as independent contractors and consultants. Plan applicant could still have a full time job but must have proof of being self-employed at the same time.
Why establish the Owner-Only 401k Retirement Plan?
The 401k small business retirement plan is ideal for individuals who want get the most out of their retirement savings. Here are some of the known perks and advantages of establishing the Owner-Only 401k Retirement Plan:
- You can invest and enjoy huge profits. The Individual k retirement account allows you to use your retirement savings in qualified investments such as real estate, precious metals, mortgage notes, stocks and bonds, tax liens, and tax deeds. You can see your money grow from your investments with tax exemptions especially if you rollover to the Roth sub account.
- You have easy access to your retirement funds. The Checkbook Control feature of the self-directed 401k gives you the privilege of using your retirement savings without any custodial consent and related incurred fees and charges. Using your retirement fund is as hassle-free as writing a check.
- You are allowed to borrow from your account. The 401k Solo retirement account lets you loan money from our plan with the lowest interest rate and 5-year repayment period.
- You can choose the Roth Solo 401k sub account for tax-free investment. Multiply your profits and grow your money through taking advantage of tax exemptions. When you rollover to a Roth Solo k sub account, you make after-tax contributions hence exempting your retirement money investments from tax obligations.
A lot of upsides will surely maximize the Owner-Only 401k Retirement Plan for your financial ventures. Find and choose the right plan provider to help you with your wealth-building activities through the Solo 401 k.
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