Main Street Business

#596 How to Set Up, Maintain, and Maximize Your Solo 401(k)

Oct 10, 2025
Discover the secrets to setting up and maximizing your Solo 401(k) as the hosts dive into eligibility rules, contribution strategies, and investment options. Learn how hiring family members can enhance savings and explore the benefits of self-directed investing in real estate or crypto. Find out about Roth and traditional buckets, plus the savvy ways to roll over existing retirement funds. They also demystify ongoing compliance and share a limited-time special offer to help you get started on your retirement journey.
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ADVICE

Confirm Eligibility First

  • Do confirm you qualify before setting up a Solo 401(k); it’s for self-employed owners without unrelated full-time W-2 employees.
  • Consult a lawyer to explore options like SEP, safe-harbor, or converting later as your situation evolves.
ADVICE

Watch Employee Anniversary Dates

  • Avoid assuming hiring an employee immediately disqualifies you; you remain eligible until that employee hits a one-year anniversary.
  • Plan contributions for the year accordingly and convert or close the Solo 401(k) when required.
ADVICE

Use Proper Documents And EIN

  • Do get an IRS pre-approved plan document and a separate EIN when setting up a Solo 401(k).
  • Use a self-directed plan document if you intend to invest in real estate, crypto, or private companies.
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