Steps to SuccessGetting started is easy and our expert team is here to help every step of the way.
- Open your Solo 401k with Nabers Group
- Fund your Solo 401k
- Open a bank or brokerage account to deposit your funds
- Start investing!
The hidden cost of procrastinationAs a new or experienced business owner, you know time = money. The longer you wait to set up your Solo 401k, the more money you are potentially wasting in missing out on important tax-deductible contributions. Further, the longer you wait to set up your plan, the farther out you push the ability to make highly profitable investments. The sooner you get your retirement funds in your control, the sooner you can choose on how to invest your money and position yourself for profit. Does your business need a cash infusion? The sooner you setup and fund your Solo 401k plan, the sooner you can take a participant loan! Our Solo 401k plan automatically includes everything you need for an instant line of credit of up to $50,000.
Who can qualify?The requirements are simple and almost anyone can qualify for the Solo 401k. You’ll need:
- The presence of self-employment business activity
- The absence of full-time W2 employees
Why do this instead of a Self-directed IRA?The Solo 401k is different from the Checkbook IRA in 3 important ways:
- The Solo 401k has MUCH higher contribution limits ($55,000 per year for the Solo 401k instead of $5,500 per year for the IRA)
- No taxes on leverage: if you buy an investment property with the Solo401k, there is no UDFI/UBIT on the mortgage. With a checkbook IRA, there is a tax you pay on the mortgage for the property
- Cheaper/easier to manage: Because the Solo 401k doesn’t have a custodian (you are your OWN custodian), you can get deals done faster and cheaper because you don’t have to wait for the custodian middleman