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Solo 401k Plans – The Small Business Retirement Solution
If you’ve looked into retirement funds then you’ve almost certainly heard of the ever-popular 401k, but what if you’re a small business owner? Solo 401k plans are a great way for entrepreneurs to prepare for the future. So what’s the difference between a “solo” account as oppose to a traditional 401k? Participating in this type of retirement plan will allow you to make contributions both as the employee and employer, which increases your overall contribution limits.
In fact, we like to refer to solo 401k plans as a self-directed IRA on steroids!
So what are some of the benefits you can receive from a solo 401k? For starters, you can make annual contributions of up to $51,000 and an additional $5,500 “catch-up” contribution if you’re over 50. You can also borrow from solo 401k plans for any reason (Please refer to the link at bottom of this article for more details).
With a solo 401k, you can even exert checkbook control over your retirement funds and make the most of its built-in Roth provision!
This retirement plan truly takes full advantage of a self-directed IRA’s potential – you’re the trustee of the plan, which makes for easy administration. In addition, when considering a real estate purchase you can use leverage to acquire properties thanks to this account type’s exemption from UDFI.
While there are even more benefits associated with such an account, you should know that there are two requirements: you must be able to prove your self-employment activity and have no full-time employees. Keep in mind that certain employees can be excluded from solo 401k plans, including employees under 21, those that work less than 1,000 hours per year, and non-resident alien employees with no U.S. income.
Finally, if you don’t qualify for this plan we have many alternatives. Please explore our investment options page if you’d like to review all of your options.
If you have any questions about opening a new account, contact us at 1-866-7500-IRA(472) or firstname.lastname@example.org. If you’d like to add tax lien investing to your existing portfolio, contact us at 1-866-7500-IRA(472) or email@example.com or click here for more information.