At the most basic level, self-directed IRA and Solo 401(k) plans are no different than any other comparable retirement plan. All plan components such as contribution limits, distribution processes, designation of beneficiaries are the same.
When you operate a self-directed retirement plan, you may have a more hands-on view of some of these plan events.
In this series of articles, we cover some of the basic concepts surrounding plan administrative actions and how they apply to your self-directed plan.
![Solo 401(k) Checkup [CHECKLIST]](https://ira123.com/wp-content/uploads/2017/11/calculator-calculation-insurance-finance-53621.jpeg)
Periodically checking up on your Solo 401(k) plan will help ensure that everything is in order. The 5 following items are designed to keep you on track and organized with your retirement plan on an annual basis. Business / Plan…
If you are over age 72, or have an inherited IRA, you may be required to withdrawal some of your IRA or Solo 401(k) account each year. This concept is referred to as Required Minimum Distributions (RMDs). Failing to take…
Ideally, you want to let your tax-sheltered retirement savings grow as long as possible before you start depleting it. Once you reach your 70s, however, the IRS requires you to begin taking withdrawals whether you need the money or not.…
For both traditional and self-directed IRAs, a will cannot determine beneficiaries. That’s because each IRA includes a beneficiary designation, set by a form you fill out upon opening the account. This designation supersedes any information in a will. Considering this…
