In this webinar, Mat Sorensen, CEO, and Aaron Halderman, COO of Directed IRA discuss everything you need to know about Solo 401(k)s

We cover the following topics:

-New Roth Rules for 2023 and Beyond
-Contributing 10 times more annually than an IRA
-Understanding the necessity of an LLC for a Solo 401(k)
-Qualification criteria
-Avoiding common mistakes
-Exploring the increased contribution limits for 2023 ($66k) and 2024

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Solo 401K – The Ins and Outs

A Solo 401K is a retirement savings plan designed specifically for self-employed individuals or small business owners who do not have any employees, other than a spouse. This retirement option offers a range of benefits and advantages over other types of retirement accounts, making it an attractive option for those who qualify.

One of the main benefits of a Solo 401K is the ability to make higher contributions compared to other retirement accounts. With a Solo 401K, you can contribute as both an employer and an employee, allowing you to make larger contributions and save more for retirement. In 2021, the contribution limits for a Solo 401K are $19,500 as an employee and up to 25% of your compensation as an employer, with a total combined contribution limit of $58,000 (or $64,500 for individuals age 50 and older).

Another advantage of a Solo 401K is the option to make both pre-tax and after-tax contributions. This flexibility allows you to choose the most tax-advantageous way to save for retirement, depending on your current financial situation. Additionally, Solo 401Ks offer a wide range of investment options, including stocks, bonds, mutual funds, and even alternative investments like real estate or precious metals, giving you more control over how your retirement savings are invested.

Setting up a Solo 401K is relatively straightforward, and you can establish the plan through a financial institution or a Solo 401K provider. Once your plan is in place, you will have the ability to make contributions throughout the year and enjoy the tax benefits that come with saving for retirement.

It’s important to note that Solo 401Ks do have certain administrative responsibilities and may require some additional paperwork, especially if your plan assets exceed $250,000. However, the tax advantages and higher contribution limits often outweigh the additional administrative tasks associated with this type of retirement account.

Overall, a Solo 401K can be a powerful retirement savings vehicle for self-employed individuals and small business owners. With higher contribution limits, flexible contribution options, and a wide range of investment choices, a Solo 401K offers numerous advantages over other retirement accounts. If you are self-employed and looking for a tax-advantaged way to save for retirement, consider exploring the benefits of a Solo 401K.