The first installment of the IRA Café webinar series was packed with valuable information on how a Solo 401(k) can optimize your retirement portfolio.
As a reminder, there is a timeline for opening your own Solo 401(k). You have until your tax filing due date, plus extensions, to open and set up your Solo 401(k), however, salary deferral contributions and elections need to be made by December 31, 2023.
To recap a few reasons why a Solo 401(k) can be a good option for you:
- Possibly Higher Contribution Limits: 2023 annual contribution limits up to $66,000 and for those over age 50 you get an additional catch-up contribution of $7,500.
- Borrow from Solo 401(k): You are allowed to borrow up to $50,000 or 50% (whichever is less of your vested account) for any purpose. Loans must be repaid (amortized) within 5 years.
- Roth Provision: Built in Roth provision included.
- A Wealth of Investment Options: You can invest in real estate, private lending, limited liability companies, precious metals, tax liens, and more!
Opening a Solo 401(k) account with American IRA is as easy as 4 steps:
- Open and fund your account.
- Select your investment(s)
- American IRA will assist with documents.
- Your 401(k) purchases the assets.
Have Questions? Want to Learn More? Contact American IRA at 1-866-7500-IRA (472)