Invest Self-Directed Solo 401k in Fort Myers Real Estate

QUESTION: I live in Miami FL and will soon have more than $500,000 in my former employer 401(k) plan that I’m considering transferring to your self-directed Solo 401k plan. While I will be investing the liquid Self-Directed Solo 401k funds in real estate property in Fort Myers, FL, do you recommend opening multiple brokerage accounts in order to stay below the SIPC protection limit per account? If yes, I assume that’s not problem within your plan, right?

ANSWER:  Correct in that you can open multiple brokerage and/or bank accounts for sameSolo 401k plan, as it is customary to do so in order to maximize FDIC and/or SIPC protection over your liquid funds in the case of the former and over stocks in the case of the latter in the event of brokerage theft or if the brokerage firms goes under.

Thanks,
TH

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>

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