Reason Why People Love Solo 401K 💕 #solo401k #retirementsavings #thefreedomshow

Here's the good part about the Solo 401k and why I love Solo 401ks. As long as you meet the requirements, you can contribute substantially larger dollar amounts to a solo 401k compared to an IRA. So we're in 2024 right now. So IRAs you can contribute $7,000 when you're under 50, and then when you're 50 and over, you can contribute $8,000. That's just how much money you take out of pocket and contribute your growth earnings rollovers in that's really unlimited. But how much money you take out of pocket, you're only limited by 7 or 8,000. The Solo 401K, however, you can contribute. In fact, in 2024, when you're under the age of 50, if all of your cards are being played right, you can actually get upwards of $69,000 into the Solo 401K, and when you're 50 and over, that amount is $76,500.