More Funds Flowing to 401k Plans Including Solo 401k Plans

It is true that Americans are not saving enough and according to a study by Transamerica Center for Retirement Studies, the average baby boomers who is starting to retire has a median of $147,000 in his or her retirement accounts.  However, according to a recent survey, the Plan Sponsor Council of America found that in 2015 those who had access to a 401(k) through their employer contributed 6.8 percent of their salaries into a 401k, which is increase from 6.2 percent in 2010.

While this may sound like a small increase percentage, it represents a 10 percent increase  in the amount flowing into 401k plans including solo 401k plans over just a 5 year period, which translates to billions of dollars. According to the Investment Company Institute, almost $7 trillion is already invested in 401k plans including solo 401k plans.

Experts recommend saving from 10 percent to 15 percent of your salary over your career.  We have seen an increase in annual contributions by our solo 401k clients . The reason for this we have found is that they can contribute throughout the year or wait up until their business tax return due date to make the full contribution.

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>

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