I’m a blessed business owner with 3 businesses and I’ve always maxed out my traditional IRA. My CPA is suggesting I open another form of retirement and I’d rather stay away from the stock market. I am the sole owner and only employee of all my businesses.
With a Solo 401(k), depending on your salary and age, you could contribute $57,000 per year or $63,500 for those 50 or older in 2020.
For 2021, the contribution limit increased to $58,000 or $64,500 if age 50 or over.
Solo 401k contributions are
- Make 2020 contributions up to $57K (or $63.5K if you are 50 or) provided that you sign up by 12/31
- Mega Backdoor Roth contributions
- 401k participant loans including preparation of loan documents for no additional charge
- Invest in alternative investments with checkbook control including real estate, cryptocurrency, notes, etc