#528 All Things Solo 401k

Main Street Business

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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Chapters

1. Maximizing Solo 401k Contributions for Self-Employed (00:00:00)

2. Employee Qualifications and Solo 401k Eligibility (00:07:20)

3. Maximizing Solo 401k Contributions Strategies (00:13:45)

4. Solo 401k Contribution Timing and Strategies (00:23:57)

5. Solo 401k vs SEP IRA Comparison (00:29:27)

6. Solo 401k Rollovers and Maintenance (00:43:38)