If you’re over 59.5, you probably got some flexibility because you can have money that you’re taking out. If you’re younger than that, you’re going to need some current revenue of some sort. You’re going to have some money that’s making money outside of it because you only borrow 50,000 and then you’re stuck so you’re going to need another source of income, outside of the Solo 401k
Articles in this section
- How do I calculate the amount I can contribute to my Solo 401k and profit sharing plan?
- What are the ongoing responsibilities and costs involved in a Solo 401k?
- Can I use the Solo 401k for something that I want to benefit on, or does it have to be a purely on investment?
- If you’re running everything through an Solo 401k and this is your only source of income, you have not yet reached old age, how does that work?
- If I have an existing 401k or IRA from an old employer, can I roll that into the new plan?