Saving money with the traditional 401k is an option that many people get involved with through work or other options. Many end up utilizing the options that are provided for them, but when you own your own business and you’re working away from a structured company, you may have to do things on your own. There is an option is known as a Solo 401k and requires a bit more attention from individuals than other options. You’ll find that with this plan of action you’ll need to keep a full set of records that are accurate. This sometimes seems like a daunting task, which is why many people go with another route, but if you’re serious about having retirement investments that are strong, you’ll have to look into transferring your money into this type of plan.
Many people try to go with the custodian IRA option and while that is definitely worth looking into, it will not allow the same kind of flexibility that a Solo 401k would. It’s with that in mind that many are looking at finding a professional overall provider to put money into an account for the future. You may not know how to get this done, and that’s OK. Looking for providers like Fidelity Investments, TD Ameritrade or Charles Schwab to assist you with the transferring of retirement funds may not be to your advantage. And the reason is that those providers do not offer options that are self-directed. That is where help of Sense Financial comes in handy, because they provide truly self-directed retirement plans that come with checkbook control.
Self managing accounts like this can seem painstaking and even arduous at first glance, but you’ll find that if you simply stick to it and you look at the resources that are given to you, retirement saving is not that hard. Not only that, if you’re looking at getting into real estate, this opportunity opens up with greatness. A custodian IRA for instance will not allow you to do this, which is why many move their money over to this type of option.
Advantages of Solo 401k Plan
One of the best things that you’ll denote about self-directed retirement plans such as Solo 401k or Checkbook IRA offered by Sense Financial is that you will have more control over what you do with your retirement savings, whether you want to further invest or you want to pull money out of the system for use with certain transactions. Sure, there are IRS rules and regulations that make this different than your conventional retirement account, but it’s meant for those that are looking at retirement contributions for the future and are not under the umbrella of a larger company. When you work for someone, you often times end up dealing with a great number of issues, but that’s not the case when you are working on your own.