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Self-employed individuals and small business owners are qualified to set up a Solo 401k plan, which can help them catch up with retirement planning.
Los Angeles, CA (PRWEB) December 10, 2014
Baby boomers are approaching their retirement age, and their housing needs are still stronger than ever. Many boomers are planning to stay where they are, while the rest of them may want to upsize or downsize their houses. Either way, when approaching retirement age, most boomers will need to adjust their housing situation to fit their new financial and health status. Either to buy a new home or to remodel their current houses, boomers will need to plan ahead. Sense Financial recommends the Solo 401k contribution calculator for this group. This tool can help boomers plan for housing budget during retirement.
The Demand Institute released their latest survey on October 30, 2014, revealing that baby boomers will spend $1.9 trillion on new home purchases and $500 billion on rent in the next 5 years. These numbers proves that housing is still one of the main expenses for baby boomers during their retirement. Baby boomers will need a strategic financial plan to ensure they can accommodate their housing needs in the future.
With the majority of baby boomers retiring in the next five years, there is not much time left to plan for retirement. However, for those who are self-employed, it might not be too late. Self-employed individuals and small business owners are qualified to set up a Solo 401k plan, which can help them catch up with retirement planning.
One of the main benefits of this retirement solution is the generous Solo 401k contribution limit. In 2014, plan holders can put away $52,000 into their tax-deferred account. Plus, baby boomers are also qualified for catch-up contribution, which is reserved for plan holders of at least 50 years old. Therefore, their total Solo 401k contribution limit can be raised up to $57,500 per year. Using a Solo 401k contribution calculator, plan holders can find out their exact contribution limit.
Therefore, for those who are qualified to set up a Solo 401k plan, there is still time to save up for that retirement home of their dream. Investors are recommended to find out exactly how much they can contribute using a Solo 401k contribution calculator. By contributing as much as they are allowed, investors can take full advantage of the tax-deferral benefits this plan offers.
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 to 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 Solo 401k contribution calculator, please visit sensefinancial.com