Mark Kocher shows how S corp owners can run multiple 401(k)s at once: keep your employer match, then add a solo 401(k) for side income like Uber driving. Route earnings through the business instead of taking profit, and let the business fund your retirement with higher contribution limits.
I have clients that literally start a small business to fund future retirement and not even take any profit out because that's the machine that's going to pay for the future. If you have small business income, you're going to have more options. You can have multiple 401s. You can have a 401 at work where you're getting the match, but then set up your own 401 for your small business. It could be a consulting business. Holy crap, you can set up a solo 401 for driving Uber. The point is, if you have a small business with income and especially an S corporation, Now I can start adding additional strategies to the equation.
The secret to managing your family's future #financialfreedom #estateplanning #shorts
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