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Small Business Owner's retirement locked into his own 401k?
I have a friend that runs a small business with employees. His company currently offers a 401k plan that he set up through Ameriprise.
He is heavily invested in this 401k and would like to be able to diversify his retirement into Real Estate. Is there any way for him to modify the plan to enable this?
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Dmitriy Fomichenko
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Dmitriy Fomichenko
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Dan, your friend need to consider self-directed IRA or 401k. Without seeing his plan documents I can't tell you if his current plan can be modified or not. But if he is the owner he could terminate his current plan and transfer his 401k account into self-directed IRA.