Solo 401k plans are preferred choice of investments for persons wishing to contribute to self-employment retirement program. This is because it offers a lot of advantages and benefits. These plans are usually available to people who are business owners that do not have a full-time employee.
Some of the benefits of investing in a Solo 401k plan include tax-free loans, high contribution limit, tax-deductible contributions, and 
withdrawals do not have any penalty. They have to pay state taxes and federal taxes.
Best Plan
If you are planning to invest in a Solo 401k plans, it may be difficult to choose a perfect plan that meets your needs. All the 401k plans need to be approved by IRS. If you are looking for a good plan, you need to contemplate on various items before making your decision.
Investment
If you are looking for plans that can substitute your long-term investments in assets like real estate, precious metals, trust deeds and tax liens, a plan with a checkbook control is the ideal choice. There are many reputable institutions that provide these plans for individuals. Choosing a plan, which matches with your investments without increasing a risk, is your ultimate goal.
Loan
If you are planning to borrow a loan from your savings, it would be a great idea. However, you need to be careful in choosing your plan as some institutions do not support this option.
Service
This is an important factor to consider in selecting a plan. Service is an important thing is you intend to put your money in the alternative investments. It is necessary to invest in plans, which contain solo 
401k loan options and provide solo 401k plans maintenance.
Fees
A lot of people have the impression that fees charged by the Solo 401k provider are cost effective and reasonably low. However, when you study the fine print, you will discover that charges are quite high. The firms will not charge fees for mutual or stock funds, rather they will charge you fees for stock trading. Choosing self-directed solo 401k plan provides you with more authority. This is because you have the checkbook control and you are charged one fixed yearly fee.
By being self-employed, you are privileged but you are also responsible for your retirement. It does not hurt to save extra money for retirement.