According to a recent survey by the Employee Benefit Research Institute, younger workers are much less likely to count on social security benefits as a source of replacement income.
Among workers under the age of 45, 26 percent said they don’t expect to receive social security benefits during their retirement.
The lack of confidence in social security benefit is not unfounded. The 2014 Trustees Report showed that, based on current assumptions, Social Security will no long be able to fulfill retirement benefits from 2033 moving forward. This called for immediate actions to close the funding gap.
Meanwhile, more workers are now looking into planning for their own retirement. Those who have access to an employer-sponsored 401k can contribute more to their retirement funds. The rest of the workers are now considering
With these types of retirement accounts, workers do not have to depend on others to make decisions concerning their retirement future. The retirement plans can be set up by the individuals, and often can be managed by the workers themselves.
The Solo 401k plan, for example, is one of the popular options for
Designed for individuals, the Solo 401k retirement plan is easy to set up and administer. Often, the plan owner also serves as the plan trustee and can make all investment decisions. There is no custodian or fund manager to go through,
Sense Financial recommends business owners and
Sense Financial is California's leading provider of retirement accounts with "Checkbook Control": the Solo 401k and the Checkbook IRA. Over the years, they have assisted hundreds of clients to obtain checkbook control over their retirement accounts while providing them with the ability to invest in virtually any investment class, including real estate, private lending, mortgage notes and much more without the need for custodian approval.
To learn more about Solo 401k, please visit sensefinancial.com.
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Released On: 12/14/2015
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