No matter your age, having a retirement account is a vital step to create a stronger financial future. Even if you’re just getting started, opening a retirement account and beginning to save for your future can make a big impact.
In today’s Solo 401k Basics video, we’ll cover when’s the right time to open a retirement account. Essentially, if your business launched and you plan to make money – it’s time!
When To Open a Solo 401k
Solo 401k Benefits
Opening a Solo 401k plan is a great way to start saving for your financial future. Additionally, we’ll cover three benefits of the Solo 401k in today’s basics video:
- Lower your taxes through tax-deductible contributions
- Capture compound interest for more aggressive wealth growth
- Invest with freedom
Lower Your Taxes
With a self-directed Solo 401k plan, you can contribute up to $56,000 per year tax deductible. If you are age 50 or older, you can contribute up to $62,000 per year. That can make a huge impact lowering your taxable income and aggressively growing your wealth.
Capture Compound Interest
Albert Einstein stated that compound interest is the eighth wonder of the world. That’s because it’s an aggressive way to grow your wealth. If you identify a solid investment with a consistent return, and you let the money ride, you’ll be amazed how quickly your nest egg can grow!
Invest With Freedom
The self-directed Solo 401k plan by Nabers Group allows you to invest in what you want, when you want. Interested in real estate? Excellent! Crazy for crypto? Go for it. Tax liens, mortgage notes, promissory notes, venture capital investing, private placements and more are favorite investments for Solo401k.com accountholders.
Reach out to us! Every team member at Solo401k.com is a small business owner and we all have our own Solo 401k plan. We’re happy to answer your questions and discuss timing on when opening a retirement account might be right for you. It’s important to know your options, complete your research and due diligence, and move forward with a plan. We’re here to help.