By Andy Stonehouse
Participants looking for a new way to buy real estate through their retirement savings
might benefit from a new real estate solution provided by IRA Financial Group.
With the company's Solo 401(k) Plan
, the individual plan participant will have "checkbook control" over the retirement funds, allowing them to make simplified real estate investments.
IRA Financial Group’s plan can allow the self-employed plan participant to serve as trustee and make real estate investments by simply writing a check.
"Our Solo 401(k) real estate solution is geared towards self-employed or small business owners looking for a flexible investment and retirement vehicle," said Adam Bergman, a tax attorney with the IRA Financial Group.
A Solo 401(k) plan for real estate investors, also called an Individual 401(k) with checkbook control, is an IRS-approved qualified retirement plan that allows one to use their retirement funds to make real estate and other investments tax-free and without custodian consent. Under the plan's structure, income and gains from IRA investments also generally return to the plan in a tax-free manner.
IRA Financial Group’s Solo 401(k) Plan can be opened at any local bank.
”With a Solo 401(k) real estate solution, retirement investors will have the power to act quickly on an attractive investment opportunity," added Maria Ritsi, a senior paralegal with the firm. "When one finds an estate investment, simply write a check or wire the funds straight from the Solo 401(k) plan bank account to make the investment.”
The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP, Dewey & LeBoeuf LLP, and Thelen LLP.
Originally published on BenefitsPro.com