Description

In this episode, Jeff discusses:

• What is a Solo 401K?
• 401K vs. SEP IRA
• Tax strategies

Key Takeaways:

• Solo 401(k)s are retirement accounts for business owners or self-employed individuals with no full-time employees.
• SEP IRAs and solo 401(k)s both offer similar ways to save money each year, but their contribution rates, employee viability, and Roth options differ significantly.
• In your 22% tax bracket, saving $12,500 today would save you $2,750; however, you would rather not save that $2,750 and convert that $12,500 to your Roth, where it will grow tax-free and come out tax-free.

“For us to decide if you should have a SIMPLE or SEP or do the solo 401 K strategy, we really need to review your numbers, we need to review your goal and we need to see if you're willing to max out your plan." —  Jeff Hockett

Connect with Jeff:

Website:https://www.hocketttax.com/

Email: jeff@hocketttax.com 

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YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0 

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