The Solo 401k Made Simple, With Andy Hagans

401k plans are the workhorse of many retirement portfolios, allowing investors to accumulate significant wealth in a tax-protected account. Many entrepreneurs and small business owners are missing out on a massive wealth creation opportunity by failing to establish a Solo 401k.

Andy Hagans joins Michael to discuss who is allowed to use a Solo 401k, run the numbers om creating $1 million in tax efficient wealth, and break down the process of setting up a Solo 401k from start to finish.

Watch On YouTube

Episode Highlights

  • The requirements and restrictions that limit use of a Solo 401k.
  • How investors can potentially contribute more than $70,000 to their Solo 401k this year.
  • Thinking about a Solo 401k as both an employee and an employer.
  • How to avoid triggering costly penalties, as well as other common mistakes.
  • Summary of the risk associated with using the Solo 401k.

Episode Resources

Today’s Guest: Andy Hagans

About The Tax Efficient Investor Podcast

On the Tax Efficient Investor podcast, we show you how to protect, grow, and transfer your wealth by implementing tax-advantaged investment strategies. Host Michael Johnston demystifies tax strategies that are favored by the most successful and sophisticated investors, including 1031 exchanges, IRA & 401k plans, HSA accounts, trusts, real estate, and more.

Listen Now

Michael Johnston, CFA
Michael Johnston, CFA

Michael Johnston, CFA is the co-founder and President at WealthChannel, and host of WealthChannel Academy.

Michael previously founded ETF Database, the leading independent authority on exchange-traded fund investing.

Michael's professional experience includes positions in corporate finance and investment banking, as well as entrepreneurial experience as a co-founder and early employee in multiple high growth, venture-backed companies.

Michael graduated from the University of Notre Dame with a degree in Finance. He lives in Oregon with his wife and son.