October 18, 2004 -- Lamaute Capital Inc. (www.InvestSafe.com) today announced that the Solo 401(k), a retirement plan for the self-employed, is proving to be popular with real estate professionals looking for a new retirement plan.
To date, real estate developers and real estate brokers have been the biggest group of professionals represented among our Solo 401(k) clients, says Daniel Lamaute, a retirement plans specialist, with Lamaute Capital, Inc.
The Solo 401(k) is a One Person retirement plan version of the 401(k) plans commonly found at large corporations. In 2001, thanks to several important changes in the tax laws, a few retirement experts created the Solo 401(k) a personal retirement plan specially made to fit the unique needs of independent contractors and sole proprietors.
Some of the chief characteristics of the Solo 401(k) plan are that it:
Allows significantly higher contributions than most retirement plans. For 2004, the 401k contribution limit reaches $44,000.
Has little to no set up fees and low administration costs
Accepts rollovers from other retirement plans or IRAs
Permits tax-free and penalty-free loans up to $50,000
No other retirement plan offers as much flexibility for self employed individuals who work in a cyclical industry, said Daniel Lamaute. Real estate professionals are attracted by the fact that with the Solo 401(k) they can 1) borrow from their account when necessary; and, 2) they can sock away substantial amounts of their income before tax into their retirement nest egg.
Lamaute Capital, Inc.,is an investment brokerage firm specializing in retirement plans for over 10 years. To learn more about the Solo 401(k) or to request a free information kit on this plan please visit http://www.InvestSafe.com
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Real Estate Professionals Receptive to the Solo 401 (k) Plan
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