Solo 401(k) plans are self-directed retirement plans designed for small-business owners who have no full-time employees (other than self or spouse). These plans may be self-administered by the business owner, making him or her the “trustee” and thereby eliminating the need to engage a third party to handle administration or investments.
A solo 401(k) plan is a great investment tool that provides a wide range of investment choices, as well as checkbook control, which means you have the decision making power regarding how your funds are invested. These plans also offer other excellent retirement savings features such as high contribution limits, a Roth savings component, and the ability to personally borrow from your plan. The Solo 401k is the best option if you are self-employed and would like to maximize contributions to your retirement plan or take advantage of the loan provision.
Learn more about the power and flexibility provided by the Solo 401(k) plans in this section of our blog, with useful articles to help you make the best decisions for your retirement funds and your financial future.
Starting at age 72, you may be required to take a minimum distribution from your real estate IRA or Solo 401(k) each year. This concept is referred to as Required Minimum Distributions (RMDs). If your self-directed retirement plan is invested…
The Solo 401(k) is a fantastic retirement plan for self-employed entrepreneurs. Because a Solo 401(k) is designed for an owner-only business, it provides the savings power of a 401(k) in a simple to operate format. With high contribution limits, the…
A Solo 401(k) is more than the name might imply. While these plans have been marketed as Solo plans or Individual plans, the more apt description is “owner-only”. What makes the Solo 401(k) special is the simplicity of administration and…
A Solo 401(k) is a fantastic tool for growing wealth with tax-sheltered retirement savings. When most people think about a self-directed IRA or 401(k) plan, they concentrate on the investment flexibility. Being able to invest in real estate, private placements,…
One of the main benefits of a Checkbook IRA or Solo 401(k) plan is that you get to choose the bank where plan funds are held. That bank is where the “checkbook” is held and becomes the operating account from…
IRS rules stipulate that certain investors are required to take distributions from IRA and 401(k) plans. The mandatory withdrawals are referred to as Required Minimum Distributions (RMDs). The SECURE Act of December 2019 and the CARES Act of March 2020…
2020 may be an opportune time for many investors to consider a Roth conversion. In our first article of this series we discussed how a dip in income, and a corresponding dip in tax rate can reduce the tax cost…
A self-directed Solo 401(k) provides a great amount of flexibility when it comes to investing your retirement savings. As part of designing your plan to best suit your investing goals, it pays to give consideration to the structuring of financial…
The benefit of owning a self-directed Solo 401(k) is to leverage the tax-sheltered savings structure of the plan to create wealth for our golden years. When those retirement years arrive, we have the opportunity to draw down some of that…
If you’ve been studying self-directed retirement plans, you’ve likely stumbled on the fact that a Solo 401(k) plan is widely considered to be the best available program. With a self-directed Solo 401(k), you have the best of both worlds in…
