Social Security guide:

Overview of Solo 401(k) plans, also known as Individual 401k or self-employed 401k plans. Narrator Ian Lamont is the founder of IN 30 MINUTES cheat sheets & guides.

✅ IN 30 MINUTES website:
✅ Cheat sheets and guides store:
✅ Amazon:
✅ Twitter:
✅ Facebook:

NOTE: This is not an official video. Please review relevant terms of service. i30 Media Corporation cannot be held liable for any direct, indirect, incidental, consequential, or special damages of any kind, or any damages whatsoever, arising out of or in connection with the use of this video.

MORE IN 30 MINUTES VIDEOS & BLOG POSTS

✅ IN 30 MINUTES guides ➡️

✅ IN 30 MINUTES Amazon Store ➡️

✅ IN 30 MINUTES Twitter ➡️

✅ IN 30 MINUTES YouTube channel ➡️

✅ LinkedIn videos ➡️

✅ Google Drive, Docs, and Sheets videos ➡️

✅ Excel videos ➡️

✅ Social Security videos ➡️

✅ Adobe videos ➡️

✅ Microsoft Word videos ➡️

✅ PowerPoint videos ➡️

✅ Google Sites, search, and more ➡️ …(read more)

LEARN MORE ABOUT: 401k Plans

REVEALED: Best Investment During Inflation

HOW TO INVEST IN GOLD: Gold IRA Investing

HOW TO INVEST IN SILVER: Silver IRA Investing

Retirement Hack: Solo 401k in Plain English (2023)

Retirement planning can be a daunting task, especially for self-employed individuals or small business owners. With limited access to traditional employer-sponsored retirement plans, many people in these situations feel overwhelmed by the prospect of saving for retirement on their own. However, there is a powerful tool available to these individuals that can help them supercharge their retirement savings: the Solo 401k.

What is a Solo 401k?

A Solo 401k, also known as an Individual 401k or a Self-Employed 401k, is a retirement savings plan designed for self-employed individuals and small business owners with no employees other than themselves or their spouse. This type of retirement account offers many of the same benefits as a traditional 401k, such as tax-deferred growth and the ability to make contributions with pre-tax dollars. However, a Solo 401k also allows for higher contribution limits and more control over investment choices, making it an attractive option for those looking to maximize their retirement savings.

How does a Solo 401k work?

With a Solo 401k, you can make contributions as both the employee and the employer of your business. As the employee, you can contribute up to $19,500 (for 2023) in elective deferrals, plus an additional $6,500 for those aged 50 and older. As the employer, you can contribute up to 25% of your compensation (or 20% if you are a sole proprietor), up to a total contribution limit of $61,000 (for 2023).

These higher contribution limits allow self-employed individuals to save more for retirement than they could with a traditional IRA or SEP-IRA. Additionally, Solo 401k plans offer a wide range of investment options, including stocks, bonds, mutual funds, and more, giving you greater control over your retirement savings.

Why choose a Solo 401k?

There are several reasons why a Solo 401k may be a smart choice for self-employed individuals and small business owners. First and foremost, the higher contribution limits of a Solo 401k allow you to save more for retirement than you could with other types of retirement accounts. This can be especially beneficial if you are getting a late start on saving for retirement or if you have fluctuating income from year to year.

Additionally, Solo 401k plans are relatively easy to set up and administer, with fewer administrative requirements than other types of retirement plans. This can save you time and money in the long run, allowing you to focus on growing your business and your retirement savings.

In conclusion, a Solo 401k can be a powerful retirement savings tool for self-employed individuals and small business owners. With higher contribution limits, more investment options, and greater control over your retirement savings, a Solo 401k can help you supercharge your retirement savings and achieve your long-term financial goals. If you are self-employed or own a small business, consider opening a Solo 401k to take advantage of these benefits and secure your financial future.