• #528 All Things Solo 401k

  • Sep 17 2024
  • Length: 53 mins
  • Podcast

#528 All Things Solo 401k

  • Summary

  • In this latest episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen explore the Solo 401(k), detailing how self-employed professionals and small business owners can benefit from its substantial contribution caps and diverse investment opportunities, such as real estate and cryptocurrencies.

    Here are some of the highlights:

    • Mark and Mat breakdown how a solo 401(k) is key to building retirement wealth.
    • Mark and Mat unpack the optimal order of investing: Company match, Roth IRA, HSA, then solo 401(k).
    • Why the Solo 401(k) is ideal for high-income self-employed individuals.
    • Cannot have solo 401(k) with full-time employees (1000+ hours/year)
    • Spouse can have separate solo 401(k) if they have their own business
    • Self-directing investments: Not limited to stocks, can invest in real estate, private companies, crypto
    • Importance of maintenance and requirements: Track contributions, file Form 5500 when assets exceed $250,000
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