Freelancers and solopreneurs, this one’s for you. Retirement planning might not be the first thing on your mind while juggling clients and projects, but it’s crucial if you want to avoid eating instant noodles in your golden years.
Enter the Opolis Solo 401(k)— the retirement plan designed specifically for self-employed individuals without full-time employees. It’s not just another plan; it’s a game-changer that could boost your savings potential and set you up for a secure future.
Here’s why the Opolis Solo 401(k) might just be the smartest financial move you make this year.
What is a Solo 401(k)?
Let’s break it down. A Solo 401(k) is a retirement plan tailored for one-person businesses— no full-time employees allowed. The Opolis Solo 401(k) is a step up from your traditional SEP or SIMPLE IRA plans.
Why? Because you get to play both roles: employer and employee. This dual role lets you maximize your retirement contributions, which is especially handy when tax season rolls around. Plus, it’s designed to be easy on your wallet and even easier to manage, so you can stay focused on growing your business instead of getting bogged down in paperwork.
Why Choose the Opolis Solo 401(k)?
You’re not just getting another retirement account; you’re getting a plan that understands the unique needs of freelancers and solopreneurs.
With the Opolis Solo 401(k), you can contribute up to $69,000 in 2024 (and more if you’re 50 or older), which is pretty sweet when you’re trying to lower your taxable income. Whether you prefer pre-tax contributions to save now or Roth contributions for tax-free withdrawals later, Opolis has you covered.
But the real kicker? The flexibility.
With Opolis, you’re not tied to the usual mix of stocks and bonds. Want to dip your toes into cryptocurrency or real estate? Go for it. This is your future, and you get to call the shots.
Easy Eligibility and Setup
One of the best parts of the Opolis Solo 401(k) is how easy it is to get started. If you’re a freelancer or solo entrepreneur without full-time employees, congratulations— you’re eligible. The setup process is a breeze, stripping away the usual headaches and letting you focus on what you do best.
And if you’re already using Opolis’ payroll and benefit services, your contributions can be automatically adjusted based on your fluctuating income. This way, every payday nudges you closer to a comfortable retirement without any extra effort on your part.
Contribution Limits and Benefits
Let’s talk numbers. In 2024, you can contribute up to $69,000 per year with the Opolis Solo 401(k). If you’re 50 or older, that limit jumps to $76,500.
These aren’t just arbitrary figures— they’re designed to help you sock away more for retirement while potentially slashing your tax bill. Whether you go the traditional pre-tax route or opt for the Roth, you’ll enjoy significant tax advantages tailored to your financial goals.
Investment Options That Work for You
Flexibility is the name of the game. The Opolis Solo 401(k) doesn’t limit you to a boring mix of low-cost index funds.
Sure, those are available, but so are brokerage windows that let you invest directly in stocks, bonds, and even cryptocurrency. This means you can build a diversified portfolio that aligns with your long-term goals, whether you’re aiming for aggressive growth or steady income.
Withdrawals, Rollovers, and Transfers
Life happens, and Opolis gets that. Need to tap into your retirement savings during a rough patch?
With the Opolis Solo 401(k), you can make penalty-free hardship withdrawals. No early withdrawal penalties to worry about here. And if you ever switch gears and join a company with its own 401(k), rolling over your Opolis Solo 401(k) is easy.
401(k) Loans: A Built-In Safety Net
Here’s another perk you won’t find with most IRAs: the ability to take out a loan against your 401(k). With the Opolis Solo 401(k), you can borrow up to 50% of your account balance or $50,000, whichever is less.
Whether you’re looking to smooth out an unexpected dip in income or make a strategic investment in your business, this loan option gives you access to cash without dipping into high-interest credit cards or predatory lenders.
Conclusion: The Smart Choice for a Secure Future
The Opolis Solo 401(k) isn’t just another retirement plan; it’s your ticket to a financially secure future. By offering unmatched flexibility, significant tax advantages, and investment options that go beyond the norm, Opolis ensures you’re well-prepared for whatever life throws your way.
Whether you’re just starting your freelance journey or you’ve been at it for years, this Solo 401(k) gives you the tools you need to thrive today and in retirement.
So, why settle for less when you can have a retirement plan that’s as ambitious as you are?
Reach out to us at [email protected] today!