CHARLOTTE, NC / ACCESSWIRE / August 7, 2020 / When most investors think about 401(k) plans, they probably picture something through work. But there are other types of 401(k) plans, and they can be even more beneficial for retirement-depending on an individual's circumstances. That's why American IRA, a Self-Directed IRA administration firm based in Asheville, NC, recently posted a comprehensive guide to the Self-Directed Solo 401(k), a unique retirement plan with some interesting characteristics.
Traditional investors in the 401(k) may recognize some of these characteristics. But a Solo 401(k) is slightly different, built for the self-employed and individuals such as sole proprietors. This type of plan makes it possible for the self-employed to make aggressive retirement investments-thanks to the high contribution limits of the 401(k)-and save more for retirement. The post explained that a 401(k) plan like this would allow for deductible contributions, which helps individuals save money while they invest.
The post went on to detail the specific contribution limits of the Self-Directed Solo 401(k), as well as explaining how Self-Directing works. These contribution limits are a major attractor for many investors, especially given the limitations of investing with a Roth IRA or a Self-Directed Roth IRA, wherein investors will only be able to contribute small amounts, compared to the potential of a 401(k).
"Aggressive investors always want to know how they can improve their contribution limits," said Jim Hitt, CEO of American IRA. "And the truth is, there's nothing you can do about it except follow the rules established by the federal government. But you can still strategically select your IRA plans-including a Self-Directed Solo 401(k)-to maximize your ability to save and invest. And that starts with knowing what these accounts are all about."
For more information on the Self-Directed Solo 401(k), visit the post at www.AmericanIRA.com. Interested parties may also contact American IRA by dialing 866-7500-IRA.
About:
American IRA, LLC, was established in 2004 by Jim Hitt, CEO in Asheville, NC.
The mission of American IRA is to provide the highest level of customer service in the self-directed retirement industry. Jim Hitt and his team have grown the company to over $400 million in assets under administration by educating the public that their Self-Directed IRA account can invest in a variety of assets such as real estate, private lending, limited liability companies, precious metals and much more.
As a Self-Directed IRA administrator, they are a neutral third party. They do not make any recommendations to any person or entity associated with investments of any type (including financial representatives, investment promoters or companies, or employees, agents, or representatives associated with these firms). They are not responsible for and are not bound by any statements, representations, warranties or agreements made by any such person or entity and do not provide any recommendation on the quality profitability or reputability of any investment, individual or company. The term "they" refers to American IRA, located in Asheville and Charlotte, NC and Atlanta, GA."
SOURCE: American IRA, LLC