According to the post, “these plans are most efficient for the Self-Employed or for those with ‘mom and pop’ businesses with no full-time employees other than a spouse.” Self-Employed individuals may think of them as company plans-but for small companies without certain employees. This makes the accounts ideal for freelancers and contractors as well.
The article further highlighted how accounts like Self-Directed Solo 401(K)s can be used with high contributions to allow Self-Employed individuals a wide range of freedom. Not only do these accounts come with high contribution limits, but the wide variety of assets possible through self-direction can offer a wide breadth of assets as well.
Investors who want to put retirement money in real estate, private equity, and even precious metals might look into these specific accounts for their specific Self-Employment retirement needs.
SOURCE American IRA, LLC