Some folks say 40 is the new 30, and 50 is the new 40, I say that 50 is the new 61. As in that anybody 50 years or older can contribute up to a whopping $61,000 for 2018! Those under 50yrs with a Self-Directed Solo 401(k) also benefit greatly, by lowering their tax basis and contributing up to $55,000. Finally, multiply by two, should your spouse be part of your self-employed endeavors, totaling $122,000 or $110,000 if under 50 years. Read our knowledge base article for more information on contributions for 2018 and 2019.
3 min read
Thomas Young : December 27 2018
There’s an old Chinese proverb that says the best time to plant a tree was 20 years ago. The second best time is now.The same can be said for...
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Rocket Dollar : December 09 2019
Each year, the IRSannounceschanges to retirement plan contributions for 401(k) plans, individual retirement accounts and more. If you’re in the...
4 min read
Thomas Young : May 08 2020
One of the most common questions we get surrounding IRA contributions is whether they should be Roth or Traditional contributions. While everybody...
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