Author Archives: Mark Nolan

Investment Company Institute (ICI) November 2020 Research Report

Recently, the Investment Company Institute (ICI) released a report covering the first three quarters of 2020 defined contribution plan (e.g., 401k plans including solo 401k plans for the self-employed) activity. Following is a breakdown of the key findings: Distributions: There was an uptick in distribution in 2020 from 2019.  In the first three quarters of […]

Solo 401k for Musician

QUESTION: I’m a self employed musician – however I’ve never setup any sort of corporation for my business, I file taxes using only my social # and a schedule C.  Would I need to establish a corporation first before going through the solo 401k process? Or can I/you do the solo 401k setup as my […]

Can I contribute PUA (Pandemic Unemployment Assistance) funds into my solo 401k?

BACGROUND & QUESTION:  So in March 2020 I had to shut down my business because the building I was operating in closed down due to COVID-19 infections. I then applied for and obtained the Pandemic Unemployment Assistance (PUA), which will total about $20K+ from March to December 2020. This new unemployment assistance (PUA) is a category specifically made […]

If you Retire Early or Get Laid Off, Consider Transferring Your Former Employer Funds to a Self-Directed Solo 401k

Resulting from the COVID-19 pandemic, many full-time employer have been forced to push their W-2 employees out the door and have done so by offering early retirement packages. If you leave (willingly or unwillingly)  your employer and participate in their 401k plan, Defined Benefit Plan or SEP IRA, for example, consider transferring those funds to […]

Do I Need an Adviser for a Solo 401k & Fee Based vs Fee-Only Advisers

While the solo 401k rules do not require the solo 401k trustee to hire an investment adviser and can thus decide how to invest the solo 401k funds, those who do choose to hire an adviser should understand the difference between a fee based and a fee-only adviser. What is a Fee Based Adviser? The […]