We are living in a time of financial turmoil. If you want to take control of your future and your savings, then why not consider investing in a Solo IRA. This plan like the 401k plan, will also offer you immense tax savings as well as allowing you to take control of your future.
The most common type of IRA is the traditional one, which allows you to contribute up to a maximum of $ 5000 yearly. Apart from this, a traditional IRA also allows you to contribute from pre-taxed money if you don’t have an employer offered plan.
A Rollover IRA is created in the case that you loose your job or when your employer is taken over by another company. This plan will save you huge money in penalties that you would have to other wise pay, to withdraw funds from one plan to put them in another.
Finally a Roth IRA the money is taxed upon entrance into the plan, as opposed to being taxed upon withdrawal at retirement age. This gives rise to different rules, and so it’s best to consult your accountant or advisor, in case you decide to go for this option.
An IRA gives you the flexibility of making your own choices, as to where you want your money to be invested. You’re the boss! Profits received will be directly credited to the plan, and are not taxed at any point. With an IRA you may also choose to invest in real estate, and with the current rock bottom market prices, you will soon be building quite a portfolio.
With this plan, you are in control. You get to decide where the money goes, and how much you want to risk for your future.
Reference: http://projectstocks.com/2008/10/how-investing-in-solo-iras-can-protect-your-future/
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