Many among the soon-to-retire individuals are still worrying about their financial obligations to their family particularly their child's higher education. They feel that their retirement savings may not be sufficient to provide for them if they decide to help fund their children's education endeavors. Sense Financial understands this kind of financial worries and the solution they present to plan holders is the Solo 401k retirement plan for self employed individuals.
Many Americans have strong desire to help their children go to college but at the same time they worry that if they do so, they could put their retirement plans at risk. According to the
-One of the advantages of Solo 401k account owners is that they could utilize their retirement money without being penalized if the purpose is for qualified higher education of his or her children or even grandchildren. This allows for early withdrawal if the account owner is less than 59 ½ years old.
-To avoid withdrawing money from the Solo 401k retirement plan for self employed individuals, the loan access feature can be used instead. This is to simply avoid making permanent release of money from their 401 k retirement plan because withdrawals are not replaceable unlike loans wherein the money taken from an individual's account can be paid off with interest to keep the funds growing.
-To make sure that money from the retirement plan for self employed individuals will be sufficient upon retirement, maxing out the allowed contribution limit is recommended as well as taking advantage of the catch up contribution when an individual is 50 years of age or older.
Sense Financial is
To learn more information about Solo 401(k) for self-employed real estate agents, please visit http://www.sensefinancial.com.
Read the full story at http://www.prweb.com/releases/sensefinancial/retirement-plan/prweb11807833.htm
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