Solo 401k or Self Directed IRA

[David Ptak]

Hi folks. I’m looking to do an investment using retirement funds and I’ve read a lot about the solo 401k and the self directed IRA. Does anyone have a recommendation for a good way to start the process of opening one of Hess accounts? Also, I read that to have a solo 401k you need to have a business. I have a couple. However, I also read that you can’t have Full time employees. I have some in one of the business but not in the other. Does that mean I am disqualified for the solo 401k? Any comments, recommendations or referrals would be much appreciated. Thanks everyone I hope this helps others navigate these options! Best, Dave

[Brian Eastman]

@David Ptak

Since you have employees in a business that you control, you are ineligible for a Solo 401(k). There are several IRA based vehicles that would not be impacted by the presence of employees and would provide great flexibility for alternative asset investing.