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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!

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    Great tip. I'm not sure the retirement system will be functional by the time we guys in our 20s retire though.

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