retire to nature
Recycles dryer sheets
- Joined
- Aug 10, 2018
- Messages
- 384
Hi All,
Hope you are doing well. I am almost 1 year semi retire soon in couple month. My times flys, no bordem at all. haha
Even though I studied a lot about FIRE and retirement plan, I have learned about solo401k lately. I could have started from 2016. I was doing just company 401k max. I lost my nursing job 401k this year, so I want to open solo401k account to cut taxes.
With the lack of study, I thought, I could just saving solo401k like IRA, but I had to make EIN number and now realizing have to make revocable living trust.
I am single no kid or any significant family to leave my asset for now except my lovable two dogs. I have official family in S Korea, but I may not leave to them. I am not interested in relationship now, but never say never.
My retirement assest is only 250k (my nursing career was on and off), and other rental houses and stocks are about 3mil. so putting to solo401k for max was my solution to save some money on tax and ACA.
But I want to be full retirement asap, so soon I wouldnt have no income from rental. Still not sure when I would get rid of all either because I dont want to pay too much tax due to capital gain plus NIIT.
I was thinking to put a trust bank account only in trust and buy more index fund as 401k. Or do i have to put the rental properties to RLT??
If I dont have income from rental but I have money in the bank account, can I still do 401k or not?
Since I had sudden death of family, I may need to plan more detail for my future, but I wouldnt think about it right now. RLT will be for only the purpose of solo401k for now. So I am doing for revocable.
I have studied about RLT, will make simply for the purpose only including only the bank account. Or is it better to plan all together now? I have watched youtube MArk J Kohler. It seems like some way to say more tax would be put rental properies to RLT under LLC. But I am not sure if I do all the complicated process.
Am I going right direction? Am I missing something?
Thank you in advance.
Hope you are doing well. I am almost 1 year semi retire soon in couple month. My times flys, no bordem at all. haha
Even though I studied a lot about FIRE and retirement plan, I have learned about solo401k lately. I could have started from 2016. I was doing just company 401k max. I lost my nursing job 401k this year, so I want to open solo401k account to cut taxes.
With the lack of study, I thought, I could just saving solo401k like IRA, but I had to make EIN number and now realizing have to make revocable living trust.
I am single no kid or any significant family to leave my asset for now except my lovable two dogs. I have official family in S Korea, but I may not leave to them. I am not interested in relationship now, but never say never.
My retirement assest is only 250k (my nursing career was on and off), and other rental houses and stocks are about 3mil. so putting to solo401k for max was my solution to save some money on tax and ACA.
But I want to be full retirement asap, so soon I wouldnt have no income from rental. Still not sure when I would get rid of all either because I dont want to pay too much tax due to capital gain plus NIIT.
I was thinking to put a trust bank account only in trust and buy more index fund as 401k. Or do i have to put the rental properties to RLT??
If I dont have income from rental but I have money in the bank account, can I still do 401k or not?
Since I had sudden death of family, I may need to plan more detail for my future, but I wouldnt think about it right now. RLT will be for only the purpose of solo401k for now. So I am doing for revocable.
I have studied about RLT, will make simply for the purpose only including only the bank account. Or is it better to plan all together now? I have watched youtube MArk J Kohler. It seems like some way to say more tax would be put rental properies to RLT under LLC. But I am not sure if I do all the complicated process.
Am I going right direction? Am I missing something?
Thank you in advance.