What makes the Solo 401(k) Plan so great?
The Simplified Employee Pension (SEP-IRA) is commonly recommended by CPAs and financial advisors when it comes to retirement plans for self-employed business owners. Although it's fairly easy to understand and implement, the SEP-IRA can't compare to the Solo 401(k) when you compare the two on a feature-by-feature basis. Let's take a look.
As you can see, compared to the SEP-IRA the Solo 401(k) provides greater tax deductible contributions, a Roth contribution option, flexibility to take a plan loan, as well as no UBIT on leveraged real estate and the option of not having a Custodian involved in the mix at all. Simply put, the Solo 401(k) is just a much better retirement plan option.
Who has set up a Solo 401(k)?
We have developed and implemented Solo 401(K) Plans for self-employed:
- Software developers
- Music/art/language teachers
- Commercial real estate brokers
- Residential real estate brokers
- Garden plan/designer
- Auto mechanics
- Airplane pilot instructor
- Professional speakers
- Freelance writers
- Event planner
- Graphic designer
- Pet groomer/dog trainer
- Personal shopper
- Athletic coach/personal trainer
- Medical/business consultants
- Start-up business owners
- Mobile auto repair technician
IWS has two Solo 401(k) plan service models to meet your needs
Click on the blue button above to schedule a phone discussion or an in-person meeting with Eric Wikstrom of Integrated Wealth Strategies, LLC.