Self Employed Retirement Plan – Helping You Prepare for the Future

The best self employed retirement plan is the Solo 401k. This is according to a lot of reviews in the vast and competitive industry today. The key to getting the best retirement account is to choose a trusted and proven plan provider particularly the experts at Sense Financial. There are tons of benefits you can certainly enjoy from the profit sharing 401k where you have the highest maximum contribution.

Overview of the Self Employed Retirement Plan

The Individual k plan is designed for self-employed individuals such as independent contractors and consultants. Does this mean you cannot set up and establish an account if you are a fulltime employee? You can still open a retirement account with the Solo 401k feature even if you are a fulltime employee as long as you can prove your self-employment activity. The other eligibility requirement in order to qualify and establish the Owner-Only account is small business ownership where the plan owner does not have fulltime employees in his company except for him and his spouse.

The Solo 401k Checkbook Control

The self employed retirement plan from Sense Financial is very user-friendly especially with its Checkbook Control feature. You can use your retirement savings to fund an investment of your choice as easy as issuing a check. The usual custodian consent is already out of the picture hence there are no hefty paperwork and documents to complete before your retirement funds are made available. Moreover, you need not shell out cash for the custodian fee because you are your own account’s trustee.

Loan Options and Tax-Free Features

The self employed retirement plan with Sense Financial is also complete with the loan option where the plan owner could actually borrow 50% of his total retirement plan value. This or up to $50,000 is allowed to be borrowed or loaned which is repayable on a quarterly basis with the lowest interest rate. The plan owner or borrower could do as he pleases with the money which he could use for starting up his own business or paying off debts, tuition, expenses, bills, and other financial obligations.  With the Roth 401k sub account, you can also get tax-free investment, income and withdrawal through making an after-tax contribution.

The self employed retirement plan is indeed one of the best retirement accounts you can find in today’s market. The secret to a successful establishment of the Solo 401k is to find the best plan providers.