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A Solo 401(k) Could Be Your Best Retirement-Plan Option

January 21, 2020

Do you operate as a sole proprietor?

Do you want to know which tax-advantaged retirement plan makes the most sense for you?

Then consider going with a “solo 401(k)” plan.

What’s the most important advantage of going the solo 401(k) route?

It potentially lets you make much larger annual deductible contributions to your account, and lets that money grow over time, tax free!

We’ll tell you a lot more about the advantages of opening a solo 401(k) when you read my new article titled Tax Tips: A Solo 401(k) Could Be Your Best Retirement-Plan Option.

Three ways our fact-filled article can help you:

  1. We’ll explain the rules governing solo 401(k) contributions. With a solo 401(k), annual deductible contributions to your account are comprised of two parts. The first rule governs your “elective deferral contributions.” The second governs your “self-employed business contributions.” These rules are quite complex, so we’ll explain them in detail and clearly when you read the full article.
  2. You’ll learn how to set up and operate a solo 401(k) plan. There are five basic steps you’ll need to take. They cover everything from discontinuing your current plan, to making your first employee contribution. (That employee is you!) We’ll explain everything when you read the full article.
  3. We’ll provide detailed examples of how the solo 401(k) works. We’re the first to acknowledge that the rules governing the solo 401(k) are complex. But that doesn’t mean we can’t make them very understandable by plugging in some numbers and providing concrete examples. A lot of money is involved so don’t hesitate. Do this now: read the full article.

Filed Under: Investments, Retirement, Tax Planning

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