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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.
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- 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.
- Ultimate Guide To Solo 401k Plans [PDF]
- IRS Publication 560, Retirement Plans for Small Business
- Form 5500-EZ
- Solo 401k Contribution Limit Calculator
- Episode 1: The Backdoor Roth IRA Made Simple
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.