Solo 401(k)
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Architects, graphic designers, web designers, IT consultants, attorneys, real estate agents (commercial and residential), musicians, landscape architects, financial consultants, coaches, accountants and writers. What do these clients have in common?

They are all self-employed individuals and they all set up the best retirement savings account available for the self-employed - The Solo 401(k).
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I confess. I have the utmost respect and admiration for anyone who has the guts, talent and intelligence to start their own business. So when I became familiar with all the amazing benefits of the Solo 401(k) as the retirement plan of choice for the self-employed individual, I quickly became a prophet.

So in my never ending pursuit of building a better mouse trap, I decided that I'd collect all the questions that have arisen over the years with my clients and in my own research and I've captured all that material into what I call "The Solo 401(k) Owners Manual."

So when you set up a Solo 401(k) with Integrated Wealth Strategies, LLC, you'll receive the latest version of "The Solo 401(k) Owners Manual." This manual is updated at least annually for the new contribution limits and any relevant issues relating to your Solo 401(k) plan. Because the last thing you need to worry about as a self-employed individual is learning how your retirement plan works. Leave that up to me.
Why am I such a fan of the Solo 401(k)? Well, let's take a look by comparing the Solo 401(k) to a Traditional IRA (not really a fair comparison) and the other easy to administer retirement plan for small businesses, the Simplified Employee Pension IRA, a.k.a., SEP-IRA.

As you can see, the advantages of the Solo 401(k) vs. the SEP-IRA are many: Age 50+ catch up contribution, Roth contribution allowed and not limited by income, plan loan allowed, fewer investment limitations, no UBIT on leveraged real estate and the fact that a custodian is optional.

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Now, I've heard a few of my CPA brethren tell their self-employed clients that Solo 401(k)s are "complicated" and that they should just stick with their SEP-IRAs. First of all, Solo 401(k)s aren't complicated. It's just that many CPAs aren't used to dealing with them, so it's easier to just tell the client to stick with their SEP-IRA. Don't be fooled so easy. The proof is in the pudding: In almost every important aspect, the Solo 401(k) is a superior retirement vehicle for the self-employed!

If you have questions about how you can benefit from a Solo 401(k), please give me a call or drop us an email.
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Buyer beware!

Large financial services firms like to advertise that they offer Solo 401(k) plans, and yes, you can get a Solo 401(k) at big Bank of the U.S. or Big Brokerage Firm.

But be careful. You'll be limited to the bank's or brokerage firm's line-up of stocks, bonds, mutual funds and CD's. That's great, if that's what you're looking for. But if you want to self-direct your Solo 401(k), you'll need to deal with a firm like Integrated Wealth Strategies, LLC that specializes in self-directed Solo 401(k) plans.
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