Welcome to the Direct IRA Podcast! In this episode, we're getting into the ins and outs of Solo 401(k)s – the top self-directed account for the self-employed. Join Mat Sorensen and Nate Hare as they tear apart the complexities of contribution rules, deadlines, and benefits associated with Solo 401(k)s.
⏱️ Timestamps:
00:00:09:00 - Explaining 401(k) Contributions
00:00:43:15 - Solo 401(k) Explained: The Best Retirement Plan?
00:01:07:14 - Dive into Contribution Rules & Deadlines
00:03:31:14 - Setting Up a Solo 401(k) by Year End Importance
00:05:33:05 - Crucial Considerations for S Corporations
00:07:24:15 - Contribution Limits for 2023 & 2024
00:09:04:01 - Advantages of S Corporations in Solo 401(k) Contributions
🔍 Exploring Employee & Employer Contributions:
- Understand the significance of making 401(k) contributions – both employee and employer segments.
- Clarifying 2023 deadlines and the criticality of setting up Solo 401(k)s by year-end.
- Contributions in S Corporations – decoding the complexities of W-2 and planning considerations.
- Detailed breakdowns of 2023 and 2024 contribution limits and potential strategies for maximum contributions.
Unlock the Potential:
The wealth-building capabilities of Solo 401(k)s, especially for small business owners, real estate investors, and those with no employees. Get insights into contribution strategies, nuances, and the impact on retirement savings.
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