The self employed 401 k is the key to a secured and stable future, particularly retirement. If you set up and establish an account with trusted 401k providers such as Sense Financial, you are 100% sure you can prepare for financially safeguarded retirement years. Put your hard-earned money in the right place with the right administrators and enjoy the fruits of your hard work when you retire.
Self Employed 401 k – The First Step for Preparation
You need to start right here, right now if you are aiming to have a stable and productive retirement. The 401k for self employed is a lucrative way to start because it has tons of perks and benefits to enjoy. How do you qualify to set up the Self-Directed 401k?
- First, you need to prove you have self-employment activities. The income generated from your self-employment job or activity will be used to fund the Solo 401k account you established. Being self-employed means you are working as a consultant or independent contractor for a company even if you still have a fulltime job with another.
- Second, the Individual 401k retirement plan is also referred to as the 401k for small business. This means you must be an owner of a small business without fulltime employees hired. The exemption to the rule is you and your spouse working fulltime for your company.
Knowing the Fundamentals of the Solo 401k
Knowing by heart the basic features of the self employed 401 k will help you understand the retirement account and maximize its features for your advantage. Here are some things you need to know about the most lucrative retirement plan today:
- Wide Range of Investment Options – You can use your retirement savings to fund your investment of choice. For instance, you can make your money or retirement funds grow through investing in real estate where you can purchase primary properties, rental properties, and the likes. Other investment options to venture into include stocks and bonds, mortgage notes, precious metals, tax liens and tax deeds, among others.
- Loan Features – Although it is not highly recommended, you can definitely use your funds from the self employed 401 k for purposes of paying your credits or debts, bills, tuition fee and many others. Repayment term is on a quarterly basis with nominal interest rate.
Prepare for your future with the self employed 401 k retirement account. Use your retirement savings for funding the most promising investment options and enjoy the highest return on investment tax-free.