401k for Self Employed Presents Retirement Solution for Millions of Freelancers in the US
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The growing trend of freelancing work presents Americans the opportunity to be their own boss and work on their own schedule. The flexibility, however, comes with the lack of the traditional corporate employee's benefits. Retirement planning, for example, can be a challenge for independent workers. Unlike corporate employees, they don't have access to employer-sponsored plans. Some workers chose to set up an IRA, either simple IRA or
Sense Financial recommends 401k for self employed individuals as an alternative solution for retirement saving. Those who do freelancing work, even only on a part-time basis, are qualified to set up a 401k for self employed, or Solo 401k.
This ultimate retirement plan presents several benefits to help workers save for their future. The first is the high Solo 401k contribution limit, which allows up to
Truly designed for freelancers, who often prefer flexibility and self-control, a 401k for self employed allows plan holders to take full control of their accounts. Freelancers can now act as the trustee of their retirement funds, and forgo the needs for a professional custodian. Solo 401k with checkbook control allows them to make investment as easily as writing a check, without getting approval from a third-party.
As unstable income is a part of freelancing work, a 401k for self employed also offers some flexibility to plan owners. The contribution is entirely discretionary. Which means for difficult years, freelancers can choose to suspend contribution to the plan, or contribute as little as they like. In case of urgent needs, a Solo 401k loan option is also available. With this feature, plan holders can borrow up to
Sense Financial is
To learn more about Solo 401k, please visit sensefinancial.com
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