Hey, are you saving for retirement?

PSA: If you’re a solo founder/LLC paying yourself any kind of salary +/- $40,000 you likely should file S-Corp and get a solo 401k!

• As the employee, you can contribute up to $19.5k/yr in a ROTH account (tax-free growth!)
• As the employer, you can contribute up to 25% of your salary, pre-tax
• Maximum contributions of $56,000 for 2020. Woah! Stinky old me would be so happy.
• Need the cash? Take loans out against your balance, up to $50k

I had to figure out a lot of this stuff on my own – happy to answer q’s!