The Solo 401k does require more administration than something like an IRA. Since you, the business owner, will typically be the trustee in a Solo 401k, you have a fiduciary responsibility to protect assets. This responsibility is not normally required in an IRA that has a third party custodian.
Articles in this section
- What is an empowered Qualified Retirement Plan (Solo 401k)?
- How many kinds of Qualified Retirement Plans are there?
- Why Have a Qualified Retirement Plan?
- What are the benefits of The Solo 401k?
- Are there any negatives of The Solo 401k?
- Why haven’t I heard of The Solo 401k before?
- Is the Solo 401k allowed under IRS rules?
- Are there special rules for The Solo 401k investments?
- How can I be sure that my investment is allowable in a Solo 401k?
- My CPA/attorney/financial advisor hasn’t heard of The Solo 401k? What Should I Do?