Transfer Oppenheimer Individual K to a Solo 401k | Self-Directed Solo 401k

QUESTION: I would like to transfer my Oppenheimer Single K / Individual K to a self-directed solo 401k that will allow me to process a solo 401k loan and invest in real estate as well as precious metals with checkbook control. Can you help me transfer my Single K to a solo 401k?

Thanks in advance for you help, Mandy in Colorado

ANSWER: As taking control over one’s solo 401k continues to increase, we continue to steadily receive new inquiries from existing Individual K account holders at various brokerage firms including Oppenheimer on how to convert their existing individual K or Individual 401k to a self-directed solo 401k with checkbook control for investing in alterative investments such as real estate, private company shares, precious metals, tax liens, and promissory notes.

We have also found that many self-employed business owners also want to borrow from their individual K or Individual 401k but their existing plan does not allow for loans. As a result, many are switching from their current Individual K or Individual 401k to a solo 401k from a solo 401k provider like whose solo 401k plan documents allow each solo 401k participant to take a solo 401k loan.

The process of moving an existing Individual K or Individual 401k from Oppenheimer or any other broker such as T-Rowe Price, or any insurance company like Hartford is straightforward and consists of the following:

Step 1: Adopt a new solo 401k from a provider whose solo 40k plan documents allow for solo 401k loan option and investing in alternative investments.

Step 2: Have the new solo 401k provider draft Individual K or Individual 401k transfer out forms

Step 3: Open solo 401k bank account or brokerage account

Step 4: Once the Individual K or Individual 401k funds have been transferred to the new Solo 401k, have the solo 401k provider prepare the solo 401k loan documents. With respect to placing alternative investment purchases, as the trustee of the solo 401k you will write checks from the solo 401k bank account or brokerage account.

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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