Building a successful solo business is exciting, but don’t let planning for retirement fall by the wayside. Defined benefit plans, traditionally associated with large corporations, can be a powerful tool for solopreneurs to achieve financial security in their later years. What Exactly is a Defined Benefit Plan? Unlike traditional IRAs or 401(k)s where the retirement...
Category: Qualified Plans
Need Money to Start A Side Gig?: Your 401(k) can come to the rescue!
Yep, why not? In today’s world it is tougher and tougher to find money to start businesses. One way you could do so in 2024 is to use your retirement assets. Yes, you can fund a business with your IRA dough. While most people are aware of the option of using their 401(k) to purchase...
Invest in Your Future with Defined Benefit Plans as a Solopreneur
As a solopreneur, planning for retirement is essential. Defined benefit plans offer a unique approach to retirement savings, providing guaranteed income during your golden years. In this article, we’ll discuss the advantages of defined benefit plans and how they can work for you as a solopreneur. What is a Defined Benefit Plan? A defined benefit...