LA JOLLA, Calif.—Third-party administrator 401kBrokers.com has launched its new Solo 401k plan for self-employed businesspersons.
According to a news release, this low-cost open architecture retirement savings option uses Vanguard Funds and permits investment in exchange-traded stocks, bonds, options, 2,600 mutual funds and government and municipal securities, as well as money market funds and certificates of deposit.
Solo 401k allows self-employed businesspersons to deduct up to $44,000 annually from their taxable income for tax-deferred retirement savings and investment. With a participating spouse or partner, a couple can deduct up to $88,000 per year.
The program comes with unlimited toll-free phone and e-mail support for the life of the plan, and with its newly revised Web site, opening and controlling your own 401k plan has become easier than ever.
"Our new program allows entrepreneurs to open or expand a business with funds borrowed from their 401k," said Craig Gillooly, an attorney and president of 401kBrokers.com. "Investing in Vanguard Funds, there are no brokers involved and no front loads, no back-end loads and no brokerage commissions, so self-employed business owners get to keep and invest more of their own money."
The program is only available from 401kBrokers.com and has no start-up costs.
401kBrokers.com is currently working with fee-only and fee-based financial advisors, financial planning firms and certified public accountants to inform their self-employed clients how to greatly reduce taxes, increase their tax-deferred retirement investments and become part owners of a mutual fund company. For more information, please contact Craig Gillooly at 800-474-3826, or by e-mail at info@401Brokers.com.