QRP(Qualified Retirement Plan)
I heard that there is a type of account called QRP, which is as per ERISSA Code of 1974.
I was told that it is far superior to a Self Directed ROTH IRA and scores big time over the latter in that:
* You do not need any Adminstrator and you you can be your own Adminstrator for a QRP.
* You can contribute upto $49K per year as against the 5 to 6.5K in a Roth.
* QRP is Judgment / Bankruptcy / and even IRS PROOF.
Could you please let me know how to open such a QRP?
Thanks and Best Regards.
P J Ram
Here’s what I could find on QRP. Looks like it’s just a 401k type plan.
You can go to a bank to set one up, or if you have employees, most payroll providers can set up your 401k plan. We recommend Gusto as a low cost payroll option that offers retirement plans. Here are some articles that may help.