Switch Solo 401k Providers | Real Estate Solo 401k Providers
| Individual 401k Provider | Self Directed Solo 401k Providers | www.mysolo401k.net
While you
generally want to stick with your current Solo 401k provider for the life the
Solo 401k plan, there are good reasons to change Solo 401k providers, such as:
- The current Solo 401k provider does not offer 401k checkbook control
- The current Solo 401k provider (e.g., Vanguard, Fidelity, TD Ameritrade, E-Trade and Schwab) does not permit investments in alternative investments (e.g., real estate, precious metals, Notes, tax liens, etc.)
- The current Solo 401k provider charges high/hidden Solo 401k or investment fees
- The current Solo 401k provider
does not permit Solo 401k Loan
Nonetheless,
however unhappy you are with your current Individual 401k provider, don’t rush
out to Open Solo 401k with just any
Solo 401k provider as other Solo 401k providers may restrict you from investing
in alternative investments, making Solo 401k loan and may charge hidden fees.
After
determining which Solo 401k provider to switch to (restate Individual 401k to
Solo 401k), below are the required steps:
1) A final Form 5500-Z does not apply
2) Reason being, the new Self-DirectedSolo 401k provider will simply restate the existing Individual 401k plan during the plan document drafting process
3) The new solo 401k provider will ask for copy of your previous Individual
401k Adoption Agreement to ascertain the initial plan effective date as well as
name of the plan. You new Solo 401k provider will then list these two items on
the new solo 401k adoption agreement in addition to the new restatement
effective date.
4) Provided the current Individual 401k provider is Fidelity, Charles
Schwab or TD Ameritrade, check with your new Solo 401k provider as they should
be able to assist you in opening brokerage account at one of these firms with
checkbook control. This will allow you to continue to invest in stock and
mutual funds while at the same time gaining options to take Solo 401k loan and
making alternative investment purchases by writing a check.
To
learn more about changing your Individual 401k to Solo 401k visit following
links:
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