Learn more about the Solo 401(k) –
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As a small business owner, or self-employed individual, it’s important to start a retirement plan for yourself (and employees, if you have them). Two popular options are the Solo 401(k) and SEP IRA, but which one is better?
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About IRA Financial:
IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(K) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions.
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Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income.
Thanks to fire movement.
Hi Adam!… thank you for the video and sharing your knowledge. Question: if someone made $300,00 as sole owner of a LLC acting as S corp for tax purposes is there any benefit to doing solo K over SEP IRA since you max the $58K contribution limit for 2021?
Very useful and clear information. Thank you Adam.
Thank you for the great video. Now I'm going to start a Solo 401(k). I'm an S corp but already filed my 2020 taxes. Can I still still contribute to the Solo 401(k) for 2020?
Is Self Directed 401K means the same as Solo 401K? I think so but asking for a friend.
Great and simple explanation! When you open Solo 401k can you use your contribution for investment opportunities like stock, etc?
Thank you Adam! I have two questions for you. 1. If I already contribute $6,000 to my Roth IRA, does that affect my contribution limit to a SEP IRA? 2. I am currently a W2 consultant. If I am no longer self employed in the future, what happens to my Solo Roth 401k? Am I able to roll it over to my new employer’s 401k without penalty?
I own a an LLC and we are taxed as an s corp. for me to get the solo 401k do I have to be a w2 employee? Or as the owner is that sufficient to open a solo 401k?
Also, what’s your opinion of having a solo 401k and a traditional ira for the purpose of reducing taxes? Made a lot of money this year and I want the best mix of tax saving retirement investments.
Finally somebody answering my questions. Thank you!
Thank you
Thank you for the video! I wish the audio quality was a bit better. But I appreciate your video!
Great explanations but I'm more of a visual learner and lose you sometimes, Visual Aids would have been very helpful
Thanks for the video. I'm 35 , with a single owner S-Corp, can I make BOTH the max 57K SEP IRA contribution AND the max 57K soloK contribution or do I have to do one or the other? I take it, if I can only do one you would suggest maxing out the soloK.
I'm a small business owner and the only (W2) employee of my business, file as an S-Corporation and currently have a Traditional and a Roth IRA. I haven't made any employer contributions to any of my retirement accounts, as I've had these before I started my business. So I have only made self contributions. Not sure if I should convert my Traditional to a Solo 401k and keep my Roth? Will I still be able to contribute 6k/year to my Roth if I have a Solo 401k? I'm a bit confused and unsure. Any advice?