Small Business 401k – Getting Ready for a Financially Secured Future

[Dmitriy Fomichenko]

Getting a small business 401k is your ticket to a financially stable and secured future especially if you set up an account with the right provider and top 401k companies, Sense Financial. The Solo 401k retirement plan is also referred to as the 401k plan for self employed simply because potential plan owners must first prove their self-employment activity in order to qualify. As for small business owners, you must have no fulltime employees except for you and your spouse to be eligible to set up the retirement account.

 

Small Business 401k – How it Works

 

Once proven eligible, you can start up a retirement account that would maximize your hard-earned money through investment. TheSelf-Directed 401k has tons of benefits and upsides no wonder more and more individuals who want a financially secure and productive future are investing on this lucrative option. If you can prove you are self-employed, a consultant or independent contractor, and if you own a small business without fulltime employees with the exception of you and your spouse, you can enjoy the following benefits from the small business 401k:

 

• High Contribution Limits – The higher the contribution, the bigger your retirement savings for future investment and financial security. For instance, plan owners who are below 50 years old have a maximum employee salary deferral contribution of $17,500 while those who are 50 years old and older could add a catch up contribution of $5,500 making his total value of $23,000. However, if the profit sharing contribution is included, an annual total maximum contribution of $57,500 is allowed. This amount is ten times bigger compared to those of IRA or traditional retirement plans.
• Checkbook Control – The small business 401k retirement account also offers this feature for easy access of your retirement savings as convenient as writing a check. Use your retirement funds and invest it on different industries of your choice such as real estate, precious metals, mortgage notes, tax deeds, tax liens, stocks or bonds, and so much more without a custodial consent.
• Loan Option – The Solo 401k retirement plan from Sense Financial also offers loan option where you can borrow 50 percent of your total plan value or $50,000 whichever is less. Repayment term is at least on a quarterly basis plus you get to loan funds at low interest rate. You can use the money to pay up your personal debts, start your own business or for any other purposes.

 

With the small business 401k, you enjoy lucrative investment and secure your future today.