Unlocking Wealth:Mastering Solo 401(k) Plans for the Self-Employed with Dmitriy Fomichenko - REIA460

Real Estate Investing Abundance - Episode Highlights: Solo 401(k) Plans with Dmitriy Fomichenko

Main Theme: Exploring the Advantages and Mechanics of Solo 401(k) Plans for Self-Employed Individuals

Episode Overview:

Host: Dr. Allen LomaxGuest Expert: Dmitriy FomichenkoFocus: Solo 401(k) Plans tailored for self-employed individuals and small business owners without full-time employees.

Key Points Discussed:

High Contribution Limits and Spousal Participation:Solo 401(k) plans allow for higher contribution limits compared to traditional 401(k) plans.Spouses can also participate, further increasing the potential contributions.Investment Flexibility:Unlike traditional 401(k) plans restricted to mutual funds and stocks by custodians like Vanguard and Fidelity, solo 401(k)s permit investments in alternative assets.Options include promissory notes and real estate.Transitioning to Traditional 401(k) Plans:Guidance on transitioning from a solo 401(k) to a traditional plan if the business grows to require full-time employees.Tax Benefits:Solo 401(k)s offer substantial tax sheltering, potentially lowering the investor’s tax bracket.Rolling Over Retirement Funds:Flexibility to roll over funds from various retirement plans into a solo 401(k).Investment Restrictions:Adherence to IRS rules against investing in collectibles and transactions with disqualified persons.Importance of compliance likened to following traffic laws for safety.Checkbook Control:Concept of checkbook control, granting greater control and flexibility over retirement accounts without custodial intervention.

Resources and Further Learning:

Website and Social Media: Promoted as valuable resources for building significant retirement savings.Goals: Aim to help 10,000 people achieve seven-figure retirement accounts within the next 20 years.https://www.sensefinancial.com/ira-makeover/[email protected]https://www.facebook.com/dfomichenkohttps://www.instagram.com/dmitriyfomichenko/https://www.linkedin.com/in/dfomichenko/https://twitter.com/dfomichenkohttps://www.youtube.com/@Sensefinancial

Tune in to gain insights on optimizing your retirement savings with solo 401(k) plans, and discover the benefits of enhanced investment flexibility and significant tax advantages.