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00:00 – Introduction to the Solo 401K
04:31 – The Benefits of Solo 401K
08:16 – The Mechanics of Solo 401K
14:01 – Solo 401k for Rental Property Owners
18:31 – Contribution Rules and Benefits of Solo 401K
24:01 – Unique Features of Solo 401K
#Healthcare #HSA #openenrollment #Taxes #avoidtaxes #paylesstaxes #wealth #tax #realestateinvestment #Markjkohler #KKOSLawyers #markjkohlerLIVE #Entrepreneur #rentalrealestate #taxplanning #smallbusiness #taxlaw…(read more)
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Saving for retirement is one of the most important financial goals for anyone looking to secure their future. There are a variety of retirement savings options available, but for self-employed individuals, a Solo 401k is often the best way to build wealth and prepare for retirement.
A Solo 401k, also known as an Individual 401k or a Self-Employed 401k, is a retirement savings vehicle designed for self-employed individuals and small business owners with no employees other than a spouse. It offers many advantages over other retirement savings options, making it the best way to build wealth and retire comfortably.
One of the key benefits of a Solo 401k is the high contribution limits. As of 2021, self-employed individuals can contribute up to $58,000 to a Solo 401k, including both employee and employer contributions. This allows for significant tax-deferred savings, helping individuals build wealth quickly and efficiently.
Additionally, the Solo 401k allows for catch-up contributions for individuals over the age of 50, allowing for even more savings in the years leading up to retirement. This can be especially beneficial for self-employed individuals who may have started saving for retirement later in life.
Another advantage of a Solo 401k is the ability to make both employee and employer contributions. As an employee, you can contribute up to 100% of your earned income, up to the annual contribution limit. As an employer, you can make additional contributions of up to 25% of your net self-employment income. This flexibility allows for larger contributions and greater tax benefits compared to other retirement savings options.
Furthermore, a Solo 401k offers a wide range of investment options, including stocks, bonds, mutual funds, and more. This allows for greater flexibility in building a diversified investment portfolio tailored to your individual risk tolerance and financial goals.
Finally, Solo 401k plans are relatively easy to set up and administer, with minimal paperwork and administrative fees. This makes them an attractive option for self-employed individuals who may not have the resources or expertise to manage more complex retirement savings vehicles.
In conclusion, a Solo 401k is the best way for self-employed individuals to build wealth and retire comfortably. With high contribution limits, the ability to make both employee and employer contributions, a wide range of investment options, and easy administration, a Solo 401k offers unparalleled advantages for saving for retirement. If you are self-employed or a small business owner, consider setting up a Solo 401k to take advantage of these benefits and secure your financial future.
As a soon-to-be retiree, keeping my 401k on track after a bumpy 2022 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.
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Thank you fpr yout aeesome onfo.!!!
What advice would you give someone who is already basically retired (although not retirement age) and living on dividends? I feel like the market isn't keeping up with inflation and the principal is shrinking.
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
Inflation has a greater impact on people's cost of living than a crashing stock or housing market,
resulting in an immediate and tangible effect. This explains the current high level of negative market
sentiment, and our need for assistance in surviving this challenging economy. The financial markets have
underperformed due to fears of inflation, causing stock and bond prices to plummet. Despite sounding basic,
consulting a financial advisor has enabled me to outperform the market and achieve a profit of $850,000
since June 2022, making it the ideal approach to enter the financial markets today.
Curious, I’d be retiring/working much less in 5 years and want to know best how people split their pay, how much of it goes into savings, spendings or investments? I earn around $150k per year, but nothing significant to show for it yet.
I lost over $70K when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I find one source to recover my money, at least $10k profits weekly. Thanks so much Mrs Anna
Is it ok if I live in my real estate and write off 50% of the value because I am renting short term on air bnb a room or two equivelent to 50% of it? If so, the place is worth 150 k , half is 75 does that mean i can only write off approximately only 7k ? thnx.
In my taxable account I went into dividend investing route. In my Roth I did the buy and hold route with an S&P 500 etf and total market etf along with some Berkshire B stock and SCHD.
I have earned more than 5 lakhs till now by using some black hat simple techniques
Can you use a "property management" company? (to set-up a solo 401K)
Inflation makes 401k pointless
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Thank you so much. I am currently in the military, USN. It has been hard, trying to do side hussle with military obligations. I am 5 years away from 20 years of service.
Are there benefits for retired veterans? Where?
How do mandatory distributions work with a solo 401k?