Are you looking for a defined contribution plan when it comes to 401(k) retirement plans for your business? If your business only employs owners, partners and their spouses then Mountain West IRA has the individual 401(k) plans in which you want to take advantage. Some plans allow a business owner to make both employer contributions as well as employee deferrals. This gives you the chance to enjoy enhanced flexibility and accelerated contribution limits. You can also enjoy a 401(k) retirement plan that includes offers both without and with a Roth option. This is what will permit any after-tax deferrals within the plan. Do you already have an individual 401(k) plan? You can self-directed those funds into various alternative investments when you rollover or transfer of those funds to 401(k) retirement specialists ready to help you open your own 401(k) plan.
What Are the Considerations for a Self-Directed 401(k) Plan?
In order to use a self-directed 401(k) plan there are a few aspects that you need to consider. First, you must be the sole proprietor without any employees outside of your partners, spouse and your partner’s spouses. As the business owner you will be considered to be the plan trustee as well as administrator. Your spouse or business partner may also be an administrator or trustee. This type of plan is perfect when you’re looking for one of the largest potential contributions without what’s called, common law employees. This will also give you the capability of being able to borrow from your plan. Another aspect to consider is the fact that you will be able to purchase real estate that’s been leveraged within your plan so you can avoid unrelated debt financed income tax.
Consult with a 401(k) Retirement Specialist
In order to truly benefit from a self-directed 401(k) plan, it is important that you speak with tax and retirement specialists. They will be able to advise you on plans that will suit your needs the best. Mountain West IRA is ready to help you establish the perfect 401(k) retirement plan today.
