We get this question a lot. Your level of financial expertise isn’t important when it comes to ROBS financing. The only thing you need is a qualifying retirement plan, and, luckily, most plans qualify.
- 401(k): This type of plan is usually employer-sponsored, and it is the most commonly used plan in regards to ROBS.
- Traditional IRA: This is another popular plan where you can invest your pre-tax income to grow tax-deferred. Roth IRAs are not eligible.
- SEP A Simplified Employee Pension (SEP): This plan enables employers and self-employed individuals to easily contribute toward their employees’ (or their own) retirement.
- 403(b): Also known as a tax-sheltered annuity, this retirement plan is geared toward certain public-school employees, ministers and tax-exempt organizations.
- Keogh: This tax-deferred pension plan is normally found amongst the self-employed, as well as unincorporated businesses.
- TSP The Thrift Savings Plan (TSP): This is a retirement and savings investment plan reserved for federal employees and certain military members.
Have questions? Feel free to schedule a free consultation with me to get all your questions answered.