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Solo 401k & ERISA – The Law

Solo 401ks and the Employee Retirement Income Security Act

What is ERISA? The Employee Retirement Income Security Act of 1974 (ERISA), enacted September 2, 1974, is an American federal statute that establishes minimum standards for pension plans in private industry and provides for extensive rules on the federal income tax effects of transactions associated with employee benefit plans. ERISA contained sweeping changes in the […]

Why Choose a Solo 401(k) vs. SIMPLE IRA?

Solo 401(k) vs. SIMPLE IRA

A SIMPLE IRA plan is similar to a Solo 401k Plan in that it is funded by employee deferrals and additional employer contributions. However, unlike a Solo 401k Plan, a SIMPLE IRA plan uses an IRA-type trust to hold contributions for each employee, rather than a single plan trust that is typical of a traditional […]

Top 10 Startups Using ROBS

Startups using ROBS

Recently, IRA Financial’s Adam Bergman published an article on Forbes about the Gig Economy and the Solo 401(k). This got me thinking about another retirement strategy called “ROBS,” or Rollover for Business Startups. ROBS allows you to use retirement funds to start your own business.  This strategy is generally used when you don’t have the […]

Solo 401k Eligibility & Plan Setup

Solo 401k eligibility

The eligibility requirements for starting a Solo 401(k) plan are very straightforward. In this article, we’ll explain who can establish a Solo 401(k).

Solo 401(k) Advantages for Entrepreneurs

Solo 401(k) Advantages

A Solo 401(k) is the perfect retirement plan for sole proprietors, small businesses and independent contractors, such as consultants. Any business with no employees can adopt a Solo 401(k) plan. The business can be a sole proprietorship, LLC, corporation, or partnership. A Solo 401(k) plan offers the same advantages as a Self-Directed IRA LLC, but […]