Using a Self-Directed Solo 401(k) Plan: Tips to Remember For those seeking greater control and flexibility over their retirement savings, a Self-Directed Solo 401(k) Plan can be a creative choice. This specialized retirement account offers unique benefits for self-employed individuals or small business owners. But how can you use a Self-Directed Solo 401(k) plan and ensure that you’re making the most of it? Let’s explore how these accounts work so you know what your options are. Self-Directed Solo 401(k) Plans: Powerful Tools for Self-Employed Individuals A Self-Directed Solo 401(k) Plan is de ..read more

The first installment of the IRA Café webinar series was packed with valuable information on how a Solo 401(k) can optimize your retirement portfolio. As a reminder, there is a timeline for opening your own Solo 401(k). You have until your tax filing due date, plus extensions, to open and set up your Solo 401(k), however, salary deferral contributions and elections need to be made by December 31, 2023. To recap a few reasons why a Solo 401(k) can be a good option for you: Possibly Higher Contribution Limits: 2023 annual contribution limits up to $66,000 and for those over age 50 you get an ad ..read more

If you were born between 1981 and 1996, they call you a millennial. Many of you are working at your first job, while others may already have had more than one career. Either way, there is a good chance you are not worrying about retirement just yet. To your thinking, that’s too far down the road to be concerned about today.  But that would be a mistake! You should start saving for those “Golden Years” as soon you deposit your first paycheck into your bank account. And if you are self-employed, it’s even more critical. That’s because you do not have an employer who provides a 401(k) i ..read more

The so-called “gig economy” is here to stay. According to the Bureau of Labor Statistics, about 10.6 million workers cite contract work as their primary source of income. And nearly all of these workers are going to have to retire eventually. Furthermore, with the IRS planning to focus more on tax compliance for gig economy workers, many of these gig economy workers will soon be looking for some tax deductions to shelter some of that income that they are redirecting to retirement savings.  For those gig economy workers, the Self-Directed Solo 401(k) is a potent option. The Self-Direc ..read more

When saving for retirement, many people use a Self-Directed Solo 401(K) plan. This plan is designed particularly for small businesses which employ only themselves and their spouse. Since passage of the Economic Growth and Tax Relief Act of 2001 (EGTRRA) Solo 401(K) plans became a much better choice for sole proprietorships. This law allows one to reap all of the benefits of Traditional 401(K) plans with a number of significant advantages.   The Self-Directed Solo 401(K) allows you to put aside more money for retirement Under the 2018 rules, a Traditional IRA only allows someone to contrib ..read more