Quick Tip Video: Why Choose a Roth Solo 401k?
As opposed to the traditional retirement savings plans, a Roth Solo 401k offers after-tax contributions for the high-income individuals. Unlike the traditional Roth IRA, what you require is the presence of self-employment activity and the absence of full-time employees, and you’re ready to make Roth contributions.
According to the latest IRS guidelines, you can contribute up to $24,000 to your Roth Solo 401k retirement account. In addition to the higher contribution limits, if you own a self-directed account, you can invest your retirement savings in different asset classes. Some of the potential options include real estate, mortgage notes, tax liens, tax deeds, private lending, private equity, precious metals, and even the traditional stock or bond investments.
Here is a quick tip video summing up the benefits of a Roth Solo 401k account:
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Written by: Dmitriy Fomichenko