Mega Solo Roth 401k Explained

In this video I’m talking about how to maximize your contributions to the Roth side of your retirement plan. It does require that you have self employed income as an LLC, S-Corporation, Partnership or sole proprietor etc.

Check with your brokerage firm before attempting the Mega Roth Solo 401k so make sure that you qualify and they can complete the transactions correctly.

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Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you.

TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
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Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE

Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you.

TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
CERTIFIED FINANCIAL PLANNER™

Company Website:
twitter: @travissickle
Instagram:
Facebook:
LinkedIn:

Sickle Hunter Financial Advisors
1646 W Snow Avenue
Suite 144
Tampa, FL 33606

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The Mega Solo Roth 401k is a retirement savings plan that combines the benefits of both a traditional 401k and a Roth IRA. It is designed for self-employed individuals or business owners with no employees, allowing them to maximize their contributions and potentially achieve greater tax advantages.

The traditional 401k allows individuals to contribute pre-tax dollars, which means the contributions are deducted from their taxable income for the year. This reduces their current tax liability, as they will only pay taxes on the funds when they withdraw them in retirement. On the other hand, a Roth IRA allows after-tax contributions, meaning individuals pay taxes on the funds upfront and can withdraw them tax-free in retirement.

With the Mega Solo Roth 401k, individuals can contribute up to $19,500 in 2021, plus an additional $6,500 if they are 50 or older. These contribution limits are the same as those for traditional 401k plans. However, unlike traditional 401k plans, there is no limit on total contributions, allowing participants to contribute more and potentially accumulate more funds for retirement.

One significant advantage of the Mega Solo Roth 401k is its ability to provide tax-free income in retirement. While traditional 401k plans are taxed upon withdrawal, the Mega Solo Roth 401k allows participants to withdraw funds tax-free in retirement. This can be especially beneficial if an individual expects to be in a higher tax bracket during retirement.

Another advantage is the ability to continue contributions even after age 70 ½, which is the age limit for traditional 401k plans. This feature allows individuals to continue building their tax-free retirement savings for as long as they desire.

Setting up a Mega Solo Roth 401k is fairly straightforward. Individuals first need to establish a business entity, such as a sole proprietorship or an LLC, to create a 401k plan. They can then open a separate Roth 401k account and start making contributions.

It is essential to note that, since the Mega Solo Roth 401k is intended for self-employed individuals or business owners with no employees, it cannot be used by businesses with employees. However, if an individual hires employees in the future, it is always possible to establish a regular Solo 401k plan and maintain the tax advantages associated with it.

In conclusion, the Mega Solo Roth 401k is a retirement savings plan designed for self-employed individuals or business owners with no employees. It combines the benefits of a traditional 401k and a Roth IRA, allowing participants to make tax-free withdrawals in retirement. With higher contribution limits and no age limit for contributions, this plan offers a unique opportunity for individuals to maximize their retirement savings and potentially minimize their tax liability.