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Solo 401k - Qualified Retirement Plan for Business Owners


Solo 401k is one of the retirement investment plan specially made for business owners with no full time workers in it. Unlike other retirement plans, this plan allows both the employers and employees to make contribution towards their retirement age. It is slightly differ from other 401k retirement plans since this plan does not follow the basic rules of Employee Retirement Income Security Act (ERISA). For more details, visit Two Types of Solo 401k Retirement Plan The Solo 401k is divided into two types based on the documents required to open an account. They are: 1. Brokerage Based Solo 401k plan - The plan documents of brokerage based solo 401k type generally limit the available investment options. The assets include stocks and mutual funds only available to invest. 2. Self-directed Solo 401k plan - It is otherwise known as Checkbook Control Solo 401k allows investors to invest in multiple assets at the same time. This investor’s preferred plan has various investment options in assets such as real estate, private business, tax lien certificate etc. Solo 401k Eligibility Only Americans who has more than or equal to 25 years of old can open a solo 401k account. Also business types such as sole proprietorship, corporations and limited liabilities can establish a solo 401 account. Solo business owners include self-employed individuals, freelancers, business owners and their spouses are allowed to open this account. Non-full time workers are workers who are not completed 1000 hours per year in a company are also eligible to create this retirement investment plan. Solo 401k Contribution Types The solo 401k contribution plan has an advantage of both the employer and employee is eligible to make contributions. The total contribution limit cannot exceed the maximum limit of 56,000 dollars. Elective Deferral - The Employee decide the contribution amount. One can make 100 percent of compensation with the catch-up contribution limit of 19,000 dollars and for people who are above 50 years of age has the limit of 25,000 dollars. Non-Elective Contribution - The Employer decide the contribution amount. A total of 25 percent compensation can be deferred and can make profit sharing contributions from the company Many investment advisors are there to provide a Solo 401k retirement plan. But, it is suggested to get an opinion from relatives, friends or reading the reviews of the company. Ask your families and friends about the company and then decide whether they will ease the investment plan or not. #solo401k #RetirementInvestmentAccount #solo401kcontribution Subscribe to our channel: ...(read more)


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