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Using a Self-Directed Solo 401(k) Plan: Tips to Remember

American IRA’s recent post highlights the tips investors should remember when managing a Self-Directed Solo 401(k) plan.

ASHEVILLE, NC, US, November 21, 2023 / -- When most people think about 401(k) plans, it’s typically with an employer-sponsored plan in mind. But that doesn’t always have to be the case. As a recent post at American IRA pointed out, there are also Self-Directed Solo 401(k) plans for people who are self-employed with no full-time employees. And these investment vehicles can be powerful ways for investors to save for retirement, partially thanks to the Solo 401(k) plan’s high contribution limits.

But what makes Self-Directed Solo 401(k) plans so powerful, and what are some tips individuals can use to realize the full potential of these plans? American IRA used the post to highlight some of these key tips. Self-Directed Solo 401(k) plans offer investors the ability to self-direct their investments, allowing them to diversify their assets to a much greater extent than with traditional employer-sponsored 401(k) plans.

With the freedom to invest in a wide range of assets, from real estate and private equity to stocks and bonds, individuals can tailor their investment strategy to align with their financial goals and knowledge, ultimately optimizing the growth potential of their retirement savings. Of course, the post noted, investors using a self-directed plan will guide these decisions themselves.

Another significant tip American IRA highlighted at the post is the flexibility to take loans from Solo 401(k) plans. Unlike many other retirement accounts, Self-Directed Solo 401(k) plans permit participants to take loans from their own accounts. This feature can provide added financial flexibility, allowing individuals to access their retirement funds for specific needs or investment opportunities, all while maintaining the tax advantages associated with the plan.

The Self-Directed Solo 401(k) plan also stands out for its high contribution limits. This unique retirement account allows individuals to contribute more money annually compared to many other retirement plans. This higher contribution limit enables investors to accelerate their retirement savings and make the most of their retirement investments. It can also be a critical way for people with higher incomes to “catch up” in missed retirement investments from earlier in life.

There is more information about Self-Directed IRA, Self-Directed Solo 401(k) plans, and other retirement concerns available at American IRA’s website, Additionally, interested parties may seek out American IRA by dialing its number, 866-7500-IRA.

Rebekah Schram
American IRA, LLC
+1 828-257-4949
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