Solo 401(k) plans are the retirement vehicle of choice for the self-employed, according to a survey of financial professionals by the IRA Financial Group.
More than 80 percent of those questioned said they considered the solo 401(k) a better retirement savings plan, the survey of 50 accountants, CPAs and tax professionals, reported. That's a huge change from five years ago, when the majority recommended that their clients invest in SEP-IRAs.
"It has taken time, but CPAs and tax professionals throughout the United States are starting to embrace the significant benefits of the solo 401(k) plan vs. the SEP IRA for self-employed individuals from a retirement, tax, and investment perspective," Adam Bergman, a tax attorney with IRA Financial Group, said in a statement.
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