The Gold Medal Winner of the Retirement Savings Olympics

By Peter Rizzo

Tortoise and Hare

It always amazes me the amount of wealth people can acquire in their retirement plans by a little creativity and the right system. A couple of weeks ago, we were having lunch close to the Arizona State University Campus with a prominent tax attorney named Tim Berry. The local restaurant was part of a complex of buildings and an operating brewery. I made a comment about the bustling atmosphere and the size of the complex. Tim asked if I knew the complex was owned by a Solo 401(k) – and, I admitted I didn’t, but the lucky person who had enough in their plan to buy it really had a great investment. He stated that the plan at the start was very modest and by being able to leverage the investment, the worth of the plan had skyrocketed and all the rents were funding the growth. If you did the same thing with a Self-Directed IRA (or, even the CheckBook Controlled IRA), you would be subject to taxation on the leveraged percentage.

This drove home the idea that if you can qualify for the CheckBook Solo 401(k), it’s a wise move. When someone reaches out to us for information about the CheckBook IRA, which we’re famous for, we always question whether they can qualify for the CheckBook Solo 401(k). Even though it goes against most business principles to confuse the issue when someone has researched a product, we would be doing the clients a disservice if we didn’t at least expose them to the idea. With more and more people having self-employment income, we are finding a good percentage qualify for the CheckBook Solo 401(k). If you’d like to see if you qualify, or get a comparison sheet of the two systems (CheckBook IRA and CheckBook Solo 401(k)), just email and ask for a Solo 401(k) consultation. We’ll send you roadmaps to the two plans, a comparison sheet and a link to set up a call from us.

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