Individual 401k – The Advantages of Planning your Future with a Great Retirement Plan

[Dmitriy Fomichenko]

Individual 401k has tons of benefits and upsides if you know how to maximize this lucrative retirement plan. This is a remarkable option especially for those who want to establish a lucrative and trusted retirement plan with a reputable administrator, Sense Financial. The retirement policy is ideal for self-employed contractors as well as small business owners. If you comply with these two important eligibility requirements, you can certainly open and establish the best among today’s retirement plans.

 

Setting Up a 401k – Basic Things to Know about the Individual 401k

 

There are numerous retirement plans out there but the Solo 401 k retirement policy gives you tons of benefits and perks. Before you can set up and establish this retirement account, you must first comply with its requirements. You are a certified eligible candidate to establish a 401k account if:

 

• You can prove self-employment activity – This eligibility requirement states that you can be hired as a full-time employee of a certain company as long as you can prove you have self-employment activities at the side. For instance, you also work as an independent contractor or consultant of a particular company or corporation. Your retirement contribution must come from your income generated from this self-employment activity.
• You own a small business – In this requirement, you are only eligible to establish the Individual 401k account if you own a small business wherein you have no fulltime employees except you and your spouse.

 

The Benefits of a Self-Directed Retirement Account

 

The Individual 401k retirement plan is one of the most lucrative retirement policies today. Here are some of the perks you can enjoy:

 

• One of the types of 401k account is the Roth Sub-Account where the plan owner could make after-tax contribution. The income generated from investments using the Solo 401 k retirement plan is tax-free.
• You can enjoy a wide assortment of investment options where you can use your retirement funds such as real estate, foreign currency, stocks and bonds, mortgage notes, tax liens, and tax deeds, among others.
• The 401k plan has a Checkbook Control feature giving the plan owner ease and convenience in using his retirement savings as easily as writing a check.

 

With the Individual 401k retirement account, you have easy eligibility requirements to comply with plus an overflowing range of perks and benefits. Make sure you consult with the most trusted 401k administrator, Sense Financial, to know how you can maximize your retirement savings and watch your money grow before your eyes.