Some alternative account types allow for much higher contribution limits such as the Self-Directed Solo 401(k), the Self-Directed Simplified Employee Pension Plan (SEP), and the Self-Directed SIMPLE plan.
Atlanta, GA (PRWEB) August 09, 2014
As this blog discusses, the Self-Directed IRA has one major drawback compared to taxable investments: A $5,500 ceiling on annual contributions!
Further, the blog discusses how those who are age 50 or older can make an additional $1,000 per year in catch-up contributions. But that’s still a very modest sum compared to a lot of minimum investment figures and the real-world liquidity needs of a lot of assets held within a Self-Directed IRA.
It goes on to introduce some alternative account types that allow for much higher contribution limits such as the Self-Directed Solo 401(k), the Self-Directed Simplified Employee Pension Plan (SEP), and the Self-Directed SIMPLE plan.
No stone is unturned as the blog goes into great detail about each plan including contribution limits and qualification requirements. For instance, the total combined contribution within a Solo 401K including the employee and employer may be as high as $57,500, depending on the circumstances. However, the IRS does limit the employer contribution to a maximum of 25 percent of employer compensation. It also states that the Self-Directed SEP is not far behind with contributions of up to 25 percent of compensation, to a limit of $52,000 as of 2014.
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