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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Nabers Group

Finanso.Multilogin™

About lender

Solo 401k by Nabers Group is a retirement plan providing investment options for investors.

Nabers Group was founded in 2006 by Jeff Nabers. It is a non-custodial document provider. It helps self-directed investors manage their retirement future. It is present in all the US 50 states and has an A+ rating by the BBB. The company is headquartered in Denver, Colorado.

Solo 401k is an individual 401 k plan for small business owners having no employees. There are no age or income restrictions, but there are contribution limits of $61,000 in 2022, with catch-up contributions of up to $6,500.

Pros and cons

Pros

  • You can set up an account for both your retirement plan and investments. You can also get investment advice.

  • Education articles and setting up instructions make the account opening process easy.

  • Nabers doesn't use your funds.

  • Fast responding customer support. The company runs you through the entire process of setting up your account.

  • Nabers Company issues IRA-approved documentation.

Cons

  • If you pull out your funds early, you will need to pay taxes and penalties.

  • Solo 401k requires more paperwork that the traditional 401k.

  • You manage your funds and the entire plan on your own.

Nabers Group offers Solo 401k plans according to the legislation. Therefore, both advantages and disadvantages come from the plan itself. Nabers is a trustworthy business, allowing you to manage your retirement plans and invest your funds.

Terms and conditions

If you set up a Solo 401k retirement account with Nabers Group, you can have larger tax advantages than it is allowed with IRA. You can invest in real estate, digital assets, startups, precious metals, stocks, and more.

The more net earnings you get from self-employment, the larger tax-deductible contributions you get.

You can get a $50,000 loan from Solo 401 k by Nabers Group. There are no credit checks. You take it just from your online account. The company doesn't issue fees. The interest rate on your Solo 401 k will be 4.25%. The spouses are also eligible to take a loan amount of up to $50,000. The amount should be up to or less that 50% of your account balance.

With Nabers Group, customers can rollover IRA, traditional 401 k plan, 403b, TSP, and pension plan into Solo 401 k. Nabers Group doesn't use your money. It is not a custodian and doesn't manage investments. You become your own custodian.

The sum you can contribute in 2022 is up to $61,000 or $69,000, including catch-up contributions if you are 50 and older. The same annual contribution limits are imposed on the participating spouses.

There are two types of contributions: employer contributions and employee contributions. Employee contributions are limited to $19,500 and $26,000 for individuals aged 50 and older. You can contribute $10,000 to the traditional 401 k plan and an additional $9,500 to the Solo 401 k plan. Employer contribution doesn't affect your Solo 401 k plan and is made separately.

The company includes in your Solo 401 k plan a copy of the IRS Opinion Letter. It states that the IRS approves your plan. Nabers Group works with both IRS and DOL consistently and complies with the IRS rules.

Funding a Solo 401k with Nabers Group

Solo 401 k plan funding is generally done in two ways:

  • Rollovers. Nabers Group software for Solo 401 k plan designs custom rollover. Requests contain information for your rollovers and include 1099-R forms.

  • Contributions. With Nabers Group, you can make pre-tax salary contributions or Roth IRA contributions. They must be based on the net earnings of your business.

You can also open a brokerage account. Nabers Group provides information about opening bank and brokerage accounts. You can choose wisely from online brokers with the help of Nabers.

The company's business hours are Monday through Saturday, 8 am-6 pm MT. If you want to contact or visit the company on Sunday, you should make an appointment.

Tax benefits of Solo 401k

Self-employed business owners who took Solo 401 k can enjoy the flexibility of dealing with tax obligations. The employer contributions you make as a business owner within your retirement plans will be tax deductible, with the earnings growing until withdrawal.

The employee deferral contributions lower your taxable income for a tax year and grow tax-deferred, with distributions in retirement taxed as ordinary income. The contributions you make on your individual retirement account can be made as your employee deferral contributions on a Roth Solo 401 k plan. They don't reduce your income tax, but your distributions in your retirement plan are tax free.

Solo 401 k allows employee contributions containing their total salary amount up to maximum contribution limits per year. It allows to pay taxes in fewer amounts. However, it doesn't let to avoid the self-employment tax.

You need to meet a tax filing deadline for the tax year to complete the contributions once you set up your Solo 401 k account.

FAQ

Do I have to own a business to open a Solo 401k?

There are two requirement criteria you must meet to open a Solo 401k account. First is entrepreneurship, meaning you should be a freelancer, a contractor, or a business owner. This entails a sole proprietor form or a formal corporation. Second, you shouldn't have any employees. These are people working for you more than 1000 hours per year and receiving W2 income.

Can my spouse take part in my Solo 401k too?

Yes, your spouse can participate in your Solo 401k. They will be able to contribute funding along with you.

Do I need a custodian?

No. You won't need a custodian with Solo 401k. You become your own custodian.

Company documents

Privacy Policy
Terms of use

Setting up a Solo 401k retirement plan is easy and allows for tax-deductible contributions much larger than an IRA or standard 401k. Plus it puts you in control with access to a world of alternative investment options.

© Nabers Group

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What to focus on before applying for a loan with Nabers Group

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Nabers Group and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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