Ever since I started my side business, I became very interested in learning about the different kinds of retirement vehicles besides the regular ones such as the employer-provided 401k, and the individual retirement accounts outside of work: IRA, and Roth IRA. I found out that there are also self-directed IRAs, checkbook IRAs, and Solo 401k. But by far the most flexible and puts you in the most control is the Solo 401k.
After some intensive research on the Solo 401k, I was very excited about this retirement account, but it actually took me quite a while for me to open an account, not until I found the Nabers Group Solo 401k. It didn’t take me long before opening an account with the Nabers Group after learning they are in the business the longest and the most affordable. I have had the Solo 401k with them for almost two years now and it’s been great, although I don’t have much money to put into the account yet.
So how do you qualify for a Solo 401k? To my understanding, it’s quite easy, you can have one set up as long as you are running a part or full-time business by yourself with no full-time employees, but you can hire contractors.
If you work for yourself full or part-time, the Solo 401k from Nabers Group provides more investment options, the highest contribution limits, and the lowest fees of any fully self-directed retirement plan.
You will have more investment options, such as investing in real estate, precious metals, private equity, private debt, Bitcoin, and other cryptocurrencies… in addition to stocks, bonds, and ETFs.
You will also have higher contribution limits. IRA contributions max out at $6,000 per year; conventional 401k plans are limited to $19,000 per year. The Solo 401k allows contributions of up to $56,000! This can be fully tax-deductible or mixed with tax-free “Roth” status. By the way, I have both tax-deductible and Roth options.
You can also borrow up to $50,000 from your Solo 401k with automatic approval, and you can use the money for any purpose. Same-day funding. I would suggest you use it as a down payment for a cash-flowing rental property instead of a luxury car though.
Once again, it’s very easy to get a Solo 401k account. If you are currently working at a full-time job, I strongly suggest you start a part-time business, a side hustle such as affiliate marketing, or even mowing lawns on the weekend… this could be the right reason to finally start that business you have been thinking about. And who knows it may someday earn you more money than your regular job and you can finally quit that job you hate.
Wishing you the best!
sohosos llc