A husband and wife may combine their retirements into one solo 401k for investment check book control and retirement investing. This is not possible in the Check Book IRA. The set up costs for the Solo k is much lower and the annual fees are quite reasonable. You will be able to pool your IRA’s to invest together as husband and wife.

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Steve Sheppherd, the Founder of Check Book IRA
www.CheckBookIRA.com
Telephone 800-482-2760
Redmond OR | Scottsdale AZ | Minneapolis MN

Transcript:

Spouses in a Solo 401(k)
One of the additional advantages of the solo 401(k) is that a husband and wife can combine their retirement plans into one plan and combine their funds to do investing. So, for example, a husband and wife both own a company and there are no other employees, so they’re both owners then they can both contribute to the solo k. Both of their IRAs can be transferred into the solo k, and now it’s in one account and it can be managed by one of them as the plan administrator. Their investments, even in the 401(k) can be separate. If your spouse doesn’t really want to invest in one particular investment, then you can separate that out– that’s an internal bookkeeping issue. So as long as you’re both employers and employees or, the exception is, one of you is an employer, one of you is the owner, and the other, the spouse, doesn’t own the company, the fact that they’re a spouse– they’re an employee, so you can bring them into the company and they can contribute to the 401(k), so it’s nice. So that way you guys can, depending on your huge, the husband and wife can contribute, shelter, up to $118,000 a year from taxes and it makes it quite an advantage to the solo 401(k)….(read more)

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When it comes to retirement savings, many people are unaware of the options available to them. One lesser-known option is the ability for spouses to combine their individual retirement accounts (IRAs) into a Solo 401(k). This can be a smart move for married couples who want to maximize their retirement savings and take full advantage of the tax benefits that come along with a Solo 401(k) plan.

A Solo 401(k), also known as an individual or self-employed 401(k), is a retirement savings plan designed for self-employed individuals and their spouses. It allows them to contribute a significant amount of money on a tax-deferred basis, much like a traditional 401(k) plan offered by an employer. The key difference is that with a Solo 401(k), the individual acts as both the employee and the employer, enabling them to make larger contributions.

By combining their IRAs into a Solo 401(k), spouses can pool their retirement savings and make larger, tax-deferred contributions. This can be especially beneficial for couples who have one spouse with a higher income, as it allows them to maximize the tax benefits of the Solo 401(k) plan.

Another advantage of combining IRAs into a Solo 401(k) is the ability to consolidate and simplify retirement savings. Instead of managing multiple IRAs and keeping track of different investment strategies, couples can streamline their retirement savings into a single account. This can make it easier to monitor and manage their investments, as well as reduce administrative fees and paperwork.

Furthermore, a Solo 401(k) offers a wider range of investment options compared to traditional IRAs. This can provide spouses with more flexibility and control over their retirement savings, allowing them to choose investments that align with their long-term financial goals and risk tolerance.

It’s important to note that not all IRAs can be rolled over into a Solo 401(k). Typically, only traditional IRAs and Roth IRAs are eligible for rollovers into a Solo 401(k). Additionally, it’s essential for spouses to consult with a financial advisor or tax professional before making any decisions regarding their retirement savings, as there may be tax implications and eligibility requirements to consider.

In conclusion, combining IRAs into a Solo 401(k) can be a strategic move for spouses who want to maximize their retirement savings and take advantage of the tax benefits that come with a Solo 401(k) plan. By pooling their savings, simplifying their investments, and gaining access to a wider range of investment options, couples can work towards a more secure financial future in retirement.