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Timecodes
0:00 Video Overview
0:28 Self-Directed vs Regular 401(k)
1:53 Who Can Setup a Solo 401(k)
2:57 The Tax Benefits
4:31 Contribution Limits
6:31 The Downsides
7:05 How to Open a Solo 401(k)

*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

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A self-directed 401(k) is a great option for individuals who want more control over their retirement savings. With a self-directed 401(k), you have the ability to invest your retirement savings in a wider range of options, including real estate, private equity, precious metals, and more. Setting up a self-directed 401(k) in 2024 is a straightforward process, but it does require some planning and understanding of the rules and regulations surrounding these types of accounts.

Here are some steps to help you set up a self-directed 401(k) in 2024:

1. Choose a provider: The first step in setting up a self-directed 401(k) is to choose a provider that offers this type of account. Not all financial institutions offer self-directed 401(k)s, so you may need to do some research to find a provider that meets your needs.

2. Open the account: Once you have chosen a provider, you will need to open a self-directed 401(k) account. You will need to provide the necessary documentation, such as your Social Security number, proof of identity, and other relevant information.

3. Fund the account: You can fund your self-directed 401(k) through contributions from your employer, rollovers from another retirement account, or personal contributions. Make sure to follow the contribution limits set by the IRS to avoid penalties.

4. Choose your investments: One of the key advantages of a self-directed 401(k) is the ability to choose your investments. You can invest in a wide range of options, including stocks, bonds, real estate, and more. It’s important to do your research and make informed investment decisions that align with your risk tolerance and retirement goals.

5. Stay compliant: It’s important to stay compliant with the rules and regulations surrounding self-directed 401(k)s. Make sure to keep accurate records of your investments, adhere to contribution limits, and follow all IRS guidelines to avoid penalties and ensure the tax-advantaged status of your account.

Setting up a self-directed 401(k) in 2024 can give you more control over your retirement savings and the opportunity to diversify your investments. By following these steps and staying informed about the rules and regulations, you can take advantage of the benefits of a self-directed 401(k) and work towards a secure retirement future.