In this episode of the Main Street Business podcast, hosts Mark J Kohler and Mat Sorensen delve deep into the intricacies of the Solo 401K retirement account. Here are some of the key points they discussed:
- An explanation of the Solo 401K, its appeal for self-employed individuals, and the role it plays in wealth-building.
- Discussion on the contribution limits of Solo 401K, the difference between traditional and Roth dollars, and how to make the most of these contributions.
- The significance of self-directing in a Solo 401K, the flexibility it offers, and the potential for diversifying investments beyond traditional stocks and bonds.
- Clarification on the types of businesses or employment scenarios that qualify for the Solo 401K, and nuances around part-time employees and rental income.
- Real-world examples of how Solo 401K can be leveraged for maximum benefit, including the strategy of "rolling over" funds from traditional IRAs or old employer 401Ks and the option of loaning oneself money from the account.
- This episode is a must-listen for anyone self-employed or with a side hustle, looking to understand and maximize their retirement savings.
All Business. No Boundaries.Welcome to All Business. No Boundaries, a collection of supply chain stories by DHL...
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