Our solo 401(k) Plan allowed our self-employed and small business owner clients to unlock over $100 million in retirement funds tax-free and penalty free in 2012
Miami, FL (PRWEB) January 28, 2013
IRA Financial Group, the leading provider of self-directed solo 401(k) Plans, announces that in 2012 it helped its clients unlock over $100 million in retirements funds tax-free and penalty free via its solo 401K loan feature. “Our solo 401(k) Plan allowed our self-employed and small business owner clients to unlock over $100 million in retirement funds tax-free and penalty free in 2012,” stated Maria Ritsi, a senior paralegal with the IRA Financial Group. “The Solo 401(k) Plan featured contained in IRA Financial Group’s solo 401(k) Plan, allowed our clients to borrow up to $50,000 tax-free and penalty-free and use those funds for any purpose,” stated Ms. Risi.
A solo 401k loan is permitted at any time using the accumulated balance of the solo 401k as collateral for the loan. A Solo 401(k) participant can borrow up to either $50,000 or 50% of their account value - whichever is less. This loan has to be repaid over an amortization schedule of five years or less with payment frequency no less than quarterly. The interest rate must be set at a reasonable rate of interest - generally interpreted as prime rate + 1%. As of 1/01/13 prime rate is 3.25%, which means participant loans may be set at very reasonable Interest rate. The Interest rate is fixed based on the prime rate at the time of the loan application.
IRA Financial Group’s Solo 401k allows participants to borrow up to $50,000 or 50% of their account value (whichever is less) for any purpose at a very low reasonable interest rate. “ A number of our retirement investors have been able to use the solo 401(k) Plan loan as a way to start a business, pay off debt, and even refinance their mortgage, stated Stacy Sanders of the IRA Financial Group. “Our Solo 401(k) Plan clients have been able to gain the ability to access up to $50,000 for use for any purpose, including paying personal debt or funding a business, stated Ms. Sanders.
IRA Financial Group Solo 401(k) plan is a perfect structure for any self-employed business owner seeking immediate funds for their business or to help pay personal expenses. With IRA Financial Group’s Solo 401(k) plan, a self-employed individual or small business owner with no employees can borrow up to either $50,000 or 50% of their account value - whichever is less to help finance or operate their business.. “As a result of the recent economic meltdown, banks and other financial institutions have severely limited their lending capacity to self-employed business owners, accordingly, entrepreneurs have been looking to IRA Financial Group to help unlock their retirement funds in order to buy a buy or finance a business, “ stated Ms. Ritsi.
The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP, Dewey & LeBoeuf LLP, and Thelen LLP. With our work experience at some of the largest law firms in the country, our attorneys legal and tax knowledge in this area is unmatched.
IRA Financial Group is the market's leading “checkbook control Self Directed IRA Facilitator. IRA Financial Group has helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate without custodian consent.
To learn more about the IRA Financial Group please visit our website at http://www.irafinancialgroup.com or call 800-472-0646.