Harvard Law Attorney George Blower leads a discussion of the Solo 401k Establishment Process including a deep dive discussion of the steps to open a Solo 401k.

3:30 Solo 401k: Am I eligible to Open a Solo 401k?
5:55 Why Open a Solo 401k? Benefits & Features
7:28 Alternative Investments
8:30 Contributions
9:57 Solo 401k Participant Loans
11:05 Consolidate: Transfers/Rollovers
13:15 UDFI Exception for Debt-Financed Real Estate Investments
15:41 Bank or Brokerage Account of Choice
16:27 Conversions (In-Plan Roth Rollover/Mega Backdoor Roth Solo 401k)
19:45 Solo 401k Compliance Support
21:48 Steps to Open a Solo 401k
24:28 Account Opening Considerations
27:23 Use Case: The Frugal Investor
27:55 Use Case: The Roth Maximizer
29:10 Use Case: The Large Account Holder
29:55 Use Case: The Alternative Investor
30:32 Use Case: The Rainy Day Investor
31:26 $1500 Solo 401k Tax Credit

*​**Free Solo 401k*** Learn how opening a Solo 401k in 2024 will qualify you to claim a $1500 tax credit including a $500 credit on your 2024 taxes and then another 2 years after that for a total of $1500.

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The solo 401k plan, commonly referred to as self-directed Solo 41k is the retirement plan of choice for self-employed individuals or owner-only businesses including for the features highlighted below:

-The highest contribution limits for any defined contribution plan including up to $69,000 (or even $76,500 if you are 50 or older) for 2024.

-The ability to make pre-tax, Roth, and even Mega Backdoor Roth contributions.

-401k participant loans of up to $50,000

-Invest with checkbook control in real estate, cryptocurrencies, notes, private placements, and other types of alternative investments.

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For over 10 years, My Solo 401k Financial is the leading self-directed solo 401k provider having helped over 8,000 clients take control over their retirement funds by focusing on superior knowledge, expertise, and customer service with over 100+ 5-star verified customer reviews on the Better Business Bureau (BBB)….(read more)

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TRANSFER IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

The Solo 401k plan is a retirement savings option designed for self-employed individuals or small business owners. This type of retirement account offers unique benefits, including higher contribution limits and the ability to make both employee and employer contributions. If you are self-employed and interested in opening a Solo 401k plan, here are the steps you need to follow to establish your account:

1. Determine if you are eligible: To open a Solo 401k plan, you must be self-employed with no employees other than your spouse. This means you cannot have any full-time employees working for you, including contractors or freelancers. If you meet these criteria, you are eligible to open a Solo 401k plan.

2. Choose a provider: Once you have confirmed your eligibility, you will need to choose a Solo 401k provider to establish your account. There are many financial institutions and investment companies that offer Solo 401k plans, so it is important to research and compare your options to find the best fit for your needs.

3. Complete the necessary paperwork: The next step in the establishment process is to complete the necessary paperwork to open your Solo 401k plan. This may include a plan adoption agreement, a trust agreement, and other documentation required by your chosen provider. Be sure to carefully review and fill out all paperwork to ensure your account is set up correctly.

4. Fund your account: Once your Solo 401k plan is established, you will need to fund your account by making contributions. As a self-employed individual, you can make both employee and employer contributions to your Solo 401k plan. The contribution limits for a Solo 401k plan are higher than traditional IRAs, allowing you to save more for retirement.

5. Invest your funds: After funding your account, you can choose how to invest your funds within the Solo 401k plan. Most providers offer a range of investment options, including stocks, bonds, mutual funds, and real estate. It is important to consider your risk tolerance and investment goals when selecting investments for your account.

6. Monitor and review your account: Once your Solo 401k plan is established and funded, it is important to regularly monitor and review your account to ensure it aligns with your retirement goals. Keep track of your contributions, investment performance, and any changes in your financial situation to make adjustments as needed.

In conclusion, the establishment process for a Solo 401k plan involves determining eligibility, choosing a provider, completing paperwork, funding your account, investing your funds, and monitoring your account over time. By following these steps, you can open a Solo 401k plan and start saving for your retirement as a self-employed individual.