What Is A Solo 401(k)? | How the Self-Employed Can Save on Taxes and MORE

Here's all the details on how a solo 401k plan – or an individual 401k plan – has all the great 401(k) benefits you would expect from a big company, but for that self-employed person. Doesn't matter if you're a 1099 contractor, a freelancer, or even have a spouse that helps with your small business, a solo 401 K plan can help set you up for success in retirement. Need more info on how a 401(k) could help you save on taxes? Click here 💰➡️ https://www.sharebuilder401k.com/blog... 💰Get a quote for 401(k) setup: https://retire.sharebuilder401k.com/Y... ⚡️Subscribe! ⚡️ https://www.youtube.com/Sharebuilder4...   / sharebuilder401k     / sharebuilder401k     / sharebuilder-401k   ShareBuilder 401k does not offer tax or legal advice. Consult with your tax or legal advisor before engaging in specific strategies. The income phase-out range for taxpayers making contributions to a Roth IRA is $129,000 to $144,000 for singles and heads of household, and for married couples filing jointly, the income phase-out range is $204,000 to $214,000. Loan balances must be paid off in five years and if you leave your job, you may be required to pay back the full balance within a short-time frame or pay penalties and taxes. Most important, borrowing from your 401(k) can significantly reduce your retirement savings. ShareBuilder 401k is the marketing name of ShareBuilder Advisors, LLC. © 2019-2024 ShareBuilder Inc. All rights reserved. ShareBuilder Advisors, LLC. 801 Second Avenue, Suite 1400, Seattle, WA, 98104 00:00 - Who can have a Solo 401k? 00:54 - 401(k) vs IRA Contribution Limits 01:39 - Roth 401ks and Withdrawing Tax-free in Retirement 02:16 - 401(k) Loan Pros and Cons #selfemployed #entrepreneur #personalfinance #retirementsavings Maximize your retirement savings with a Solo 401(k) in this essential guide for single-owner businesses. Discover how a Solo 401(k) can elevate your financial strategy, allowing contributions up to $69,000 in 2024, which is over ten times the limit of a traditional IRA. By contributing both as an employee and employer, you can significantly enhance your savings and potentially lower your taxable income. With the option of a Roth 401(k), make after-tax contributions for tax-free withdrawals at retirement, giving you more control over your financial future. The Solo 401(k) also offers emergency access to funds via loans—up to $50,000 or 50% of your account balance, providing flexibility in times of need. Tailored specifically for solo entrepreneurs without full-time employees, the Solo 401(k) ensures compliance as your business evolves. Contributions are invested, benefiting from compounding interest, which can substantially increase your retirement funds over time. Whether you’re looking to boost your savings or exploring retirement plans, this video is your guide. We'll explain how the Solo 401(k) works, its advantages over IRAs, and how it fits into your broader tax and investment strategies.