The Solo 401k retirement plan can help many achieve financial success
Los Angeles, CA (PRWEB) February 28, 2013
Popular seminar “Achieve Financial Success in 2013” had its second event on Tuesday, February 12, 2013 in Yorba Linda, CA. Attendees from Los Angeles and Orange County came in record numbers to attend this event.
“Achieve Financial Success” focused on various financial strategies that could be implemented for financial success. The event included two presentations by retirement and tax experts.
“The Ultimate Retirement Plan” focused on the Solo 401k retirement plan. Plan rules determine eligibility by the presence of self-employment and the absence of full time employees. The plan is ideal for sole proprietors, consultants, and independent contractors, such as real estate agents.
Additional Solo 401k rules were also explained, such as qualified rollovers into the plan and IRS-defined prohibited transactions using the self-directed plan, as outlined in the Internal Revenue Code Section 4975.
The strong advantages of the plan was a topic of high interest at the event. In the segment “Solo 401k vs. SEP”, the advantages of the Solo 401k were laid out against the SEP IRA, with the Solo 401k the clear winner. The SEP IRA only allows one contribution to the fund- as an employer, while the Solo 401k allows two- as both employer and employee. Although the SEP has traditionally been considered the best plan for the self-employed, its lower contribution limit and lack of loan feature make it less advantageous than the Solo 401k.
Attendees wanted to hear more about the high Solo 401k contribution limits. In 2013, the IRS raised the total limit to $51,000 for those under the age of 50, and $56,500 for those age 50 and above.
Many were also interested in the Solo 401k loan feature, which allows a loan to be taken from the fund for a maximum of $50,000 or 50% of the fund, whichever is less. The loan can be used for any purpose.
The second presentation covered recent events such as the fiscal cliff and the ObamaCare tax. As these events loom on the horizon, attendees were given valuable help on how to prepare for them.
Additional matters of taxation were also explained in this presentation. Topics such as decreasing the potential for audit, asset protection, and a list of tax deductions were also explained.
As the evening came to a close, attendees were able to participate in a time of question and answer with the presenters. Many had questions and interest in the topics discussed and were able to receive answers specific to their situations. Attendees, now armed with strategies to implement immediately, were ready to achieve their own financial success.
About Sense Financial Services:
Sense Financial is California's leading provider of retirement accounts with “Checkbook Control”: the Solo 401k and the Checkbook IRA. Over the years, they have assisted hundreds of clients obtain checkbook control over their retirement accounts while providing them with the ability to invest in virtually any investment class, including real estate, private lending, mortgage notes and much more without the need for custodian approval.
To learn more about the solutions they provide, please contact: (949) 228-9393.