When it comes to your retirement, you are well aware of the fact that you need to save money with the aim of securing your financial future, but one other thing might be making things a bit complicated to you. To say it simply, you might not be quite sure about how to save the necessary money. If you are planning on hiding it under your pillow, then you have the wrong plan, as this is most certainly not the best option you can go for.
Anyway, there are those 401k accounts that you should undeniably take into consideration when trying to think of a way to save for your future. I am sure that you have heard about these accounts already and that you know at least a few people that have already opened the account and that are enjoying saving their money this way. Yet, that might not be enough to help you understand whether you should get one of those accounts, as well as which one you might want to get and how.
I have a suggestion that will help you make this choice. Keep in mind that this suggestion goes for self-employed individuals, so there is no point for you to keep on reading if you, for example, own a business and have a huge number of employees. In any case, the fact that you have found your way here tells me that you are actually your own boss and that you are looking for a way to save money for your future, which is what we are going to help you with here.
Before you start opening up any particular 401k accounts, I suppose that you need to get a better understanding of the suggestion that I am making and that is called a solo 401k gold account. That’s why, in the rest of the article, we will focus on explaining what a solo 401k gold is, as well as whether you can get it. Of course, we will also talk about a few reasons why you should get it in the first place, so that you can make an informed decision about that.
What Is A Solo 401k Gold?
As I have briefly explained above, this particular account is designed specifically for those people who have their own business, but don’t have any employees. So, if you have full-time employees, this is a plan that you cannot actually use. The good news is, though, that you can in fact use it to cover both you and your spouse, which is certainly a huge advantage. You shouldn’t confuse this account with an individual 401k, since the latter can very well be used by people who aren’t self-employed.
The above explanation covers probably half of what you want to know about the solo 401k gold. To be more precise, you are probably wondering about the meaning of the world “gold” and you want to know what it represents in this case. Well, let me cut right to the chase and explain it. In short, you can invest in gold, as well as other precious metals, with your solo 401k gold account if you decide to do so.
Can You Get It?
I am sure that you understand the criteria already, given that the mere definition of this account explains everything that’s necessary for you to be eligible for this type of a retirement plan. I am, however, going to repeat myself once again, just in case you are not entirely sure if you are eligible or not. Basically, if you want to get a solo 401k, you need to be self-employed, i.e. have a business that employs no other people.
There is, of course, an exception to that rule. If this business of yours employs you and your spouse, then you are still eligible for it. So, you and your spouse can save money for your retirement through this business and the truth is that you can save a lot if you play your cards right. Remember to think of the gold investment opportunity if you find that you are eligible for this account.
Why Should You Think Of Getting It?
You probably won’t jump towards opening this account without first realizing whether there are any benefits to it. Well, if you take your time to read the thorough metal resource solo 401k explanation, you will undeniably get acquainted with the benefits, which will help you understand if this is the right move for you. The first thing you want to know is that there are some tax-advantages that come with opening this account, which is certainly a plus.
Then, the idea of being able to self-direct, i.e. to decide on the investments you are making all on your own, and to have no third party acting as a custodian in the process is also quite appealing. In addition to that, some people are thrilled with the fact that they can take out a personal loan with their solo 401k gold, and I am sure that having this option will come quite in handy. So, those are some of the benefits you can get if you decide to go for this type of a retirement plan and I am quite certain that they are appealing to you.