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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 Lomax
• Guest Expert: Dmitriy Fomichenko
• Focus: Solo 401(k) Plans tailored for self-employed individuals and small business owners without full-time employees.

Key Points Discussed:

1. 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.
2. 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.
3. 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.
4. Tax Benefits:
   • Solo 401(k)s offer substantial tax sheltering, potentially lowering the investor’s tax bracket.
5. Rolling Over Retirement Funds:
   • Flexibility to roll over funds from various retirement plans into a solo 401(k).
6. 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.
7. 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/dfomichenko
• https://www.instagram.com/dmitriyfomichenko/
• https://www.linkedin.com/in/dfomichenko/
• https://twitter.com/dfomichenko
• https://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.