New Article on Self-Directed Solo 401k Investment Explains How to Save for Retirement
Charlotte, NC (PRWEB) October 28, 2016 -- In an article at http://www.AmericanIRA.com, Jim Hitt, the CEO of American IRA in Asheville, North Carolina, explained how people with small businesses or who work as independent contractors can have a retirement plan that’s similar to the kind of 401k they might have through a traditional office job. The key, explains Jim Hitt, is to use a Self-Directed Solo 401k.
“People who are independent—whether they own their own business or they simply work on a contract basis—need to have retirement advantages as well,” said Jim Hitt. “Our article at AmericanIRA.com explains how just about anyone can have the retirement account of a Solo 401k that functions much like an employer-based 401k.”
Jim Hitt was quick to point out that there are substantial differences between a Solo 401k and a 401k and pointed to the article itself for people to better understand those differences.
“When you’re an employee, you often have the advantage of ‘matching’ contributions from your employer,” said Jim Hitt. “That’s not so in this case, because you’re both the employer and the employee.” But high contribution limits gives retirement investors the ability to continue putting money away for retirement with the tax protections of an IRA.
Jim Hitt also noted that there are certain advantages to Self-Directing this kind of IRA, as Self-Directing allows people to borrow money to leverage investments. For example, a Self-Directed Solo 401k invested in real estate can borrow money to gain access to the types of investments they otherwise wouldn’t have.
The article also notes how a Self-Directed Solo 401k can be a powerful tool for adding more diverse asset classes to one’s retirement portfolio. Although the Solo 401k isn’t always ideal if you plan on adding employees soon, it’s important to weight whether or not it might be the right fit for you.
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Sean McKay, American IRA, LLC, http://www.americanira.com, +1 (828) 257-4949, [email protected]
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