If you are thinking about getting your own Solo 401k then you need to look for a trusted and reliable solo 401k advice in the first place. This is highly important on your part especially when it is your first time to go looking for something that will take good care of your financial standing once you have already reached your retirement years. A good advice that you need to follow is the act of finding a good, trusted and reliable provider of the best Solo 401k.
The following are some essential tips that you need to take note especially when you are already on your way looking for a good provider of 401k to enhance your retirement plan in relations to your current status as an entrepreneur, a self-employed person or an owner of a small business:
Make Sure that You Currently Works with an ERISA or Tax Professional
One of the best ways to handle or take good care of your needs and requirements regarding your search for the best Solo 401k provider is through the internet. Yes, that’s right! Many online sources simply claim to be the best provider of the best Solo 401K. Unfortunately, many of these so-called providers do not even work with tax lawyers or tax professionals. You have to take note that when it comes to looking for a good provider, you need to make sure that it is the tax and ERISA professionals should be the one working on your retirement plan so that you are assured that everything about is going to be setup properly and remains in compliance and in consonance with IRS.
Open Architecture Self Directed Solo 401k
You have to take note that not all Solo 401k plans are created the same but most are commonly offered by banks or financial agencies or institutions that are not self-directed. This simply means that your investment is simply restricted because you are not allowed to buy real estate, investment with private businesses, currency and option trading, buying precious metals, hard money loans and many others. However, if you get or open architecture self-directed solo 401k, you are simply given the opportunity to make any investment which is going to be approved by the IRS and without the consent of a particular custodian. A trustee of your 401k plan would usually come with a checkbook control and he would usually look over your plan funds and give total control over your plan assets.
Borrow Up to $50,000 from Your Plan
You have to take note that not all 401k plans offer loan features. However, IRA Financial Group Solo 401k Plan gives the opportunity for everyone to borrow up to a maximum of $50,000 or fifty percent of the value of a member’s existing account. Borrowing such amount of money is possible for different purposes such as personal and business purposes.
If you want to protect your finances in the future and have thought of getting the best Solo 401k plan, it is best to get it from Fulcrum Self Directed today!