Harvard Law Attorney & Self-Employed Retirement Expert George Blower provides an update on the recent House Proposal to ban Backdoor Roth IRA and 401k contributions as well as your ability to invest IRA funds in accredited investments. We will also discuss essential year-end retirement savings planning for self-employed individuals including Solo 401k deadlines, contribution limits, eligibility, and much more! LEARN MORE: The solo 401k plan, commonly referred to as self-directed Solo 41k is the retirement plan of choice for self-employed individuals or owner-only businesses including for the features highlighted below: -The highest contribution limits for any defined contribution plan including up to $57,000 (or even $63,500 if you are 50 or older) for 2020 (for 2021: $58k or $64.5 if you are 50 or older). -The ability to make pre-tax, Roth, and even Mega Backdoor Roth contributions. -401k participant loans of up to $50,000 -Invest with checkbook control in real estate, cryptocurrencies, notes, private placements, and other types of alternative investments. Open an Account: Learn More: Subscribe to our channel for weekly educational webinars: For over 10 years, My Solo 401k Financial is the leading self-directed solo 401k provider having helped over 8,000 clients take control over their retirement funds by focusing on superior knowledge, expertise, and customer service with over 100+ 5-star verified customer reviews on the Better Business Bureau (BBB)....(read more)
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The American Retirement Association is fighting against the proposed bans of Mega Backdoor Roth Solo 401(k) and IRA accredited investments. These bans are being proposed by lawmakers who seek to restrict the ability of high-income earners to utilize these investment strategies for tax benefits. The Mega Backdoor Roth Solo 401(k) allows an individual to contribute after-tax dollars to their 401(k) plan and then convert those funds to a Roth IRA, which can then grow tax-free. The IRA accredited investment strategy involves investing in private equity and hedge funds, which have traditionally only been available to high-net-worth individuals. Proponents of the proposed bans argue that these investment strategies unfairly benefit the wealthy and widen income inequality. However, opponents argue that these strategies allow individuals to save more for retirement and that the tax benefits are available to anyone who meets the income requirements. In addition, these investment strategies are particularly important for small business owners and entrepreneurs who have irregular income and need more flexibility in their retirement planning. Limiting these strategies could harm these individuals and discourage entrepreneurship. The American Retirement Association has launched a campaign to educate lawmakers about the benefits of these investment strategies and to push back against the proposed bans. They argue that these strategies provide important tools for retirement planning and that limiting them would only hurt middle-class Americans. While the debate over these investment strategies and the proposed bans continues, it is important for individuals to understand their options for retirement investing and to take advantage of strategies that are available to them. Whether it is a Mega Backdoor Roth Solo 401(k), an IRA accredited investment, or other retirement savings options, it is important to plan and save for retirement to ensure a comfortable future. https://inflationprotection.org/proposed-bans-of-mega-backdoor-roth-solo-401k-ira-accredited-investments-a-failure/?feed_id=84169&_unique_id=642ae6d4263c5 #Inflation #Retirement #GoldIRA #Wealth #Investing #backdoorrothira #CheckbookIRA #IRAaccreditedinvestments #MegaBackdoorRothSolo401k #selfdirectedira #selfdirected401k #Solo401k #BackdoorRothIRA #backdoorrothira #CheckbookIRA #IRAaccreditedinvestments #MegaBackdoorRothSolo401k #selfdirectedira #selfdirected401k #Solo401k
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