11|29|2018

3 Benefits of a Solo 401(k)

When you are self-employed, you have several options in tax sheltered retirement plans. Here are 3 key benefits of using a Solo 401(k), also known as an Individual 401(k):

  • First, a Solo (k) allows deferred income at a much larger income percentage than through a Traditional IRA.
  • Second, it permits loans from your plan. You have¬†access to up to 50% of your account value up to $50,000, whichever is less.
  • Finally, unlike a SEP IRA, a Solo 401(k) allows funding your account using either Traditional or ROTH options.

Consult a qualified adviser to discuss your specific circumstances. Not all qualified plans have the same provisions and an individual analysis is necessary.

 

To receive other timely information follow us here.

 

Always remember, this is an investor education piece. It does not trigger or relate to trading activity on your account with Financial Future Services. This article is for informational purposes only and not intended as a recommendation. Each investor's circumstances are different and a full review of your situation is necessary for a recommendation.

Any and all third-party posts or responses to this blog do not reflect the views of the firm and have not been reviewed by the firm for completeness or accuracy.