Title: Title: $25,000 Tax Savings: How the Millers Supercharged Retirement with a Solo 401(k) Tagline: Unlock Massive Tax Benefits for Your Self-Employment Income Problem: The Millers, both consultants in their early 40s, have a combined income of $450,000. They are feeling the pressure of rising property taxes, three kids nearing college age, and the looming retirement deadline. They’re maxing out their W-2 employer-sponsored 401(k)s, but their accountant mentioned significant additional tax-advantaged retirement savings opportunities were being left on the table because they were both doing side-gig consulting. They're overwhelmed and unsure how to navigate the complexities of self-employment retirement plans. They also suspect their current bond investments aren't keeping pace with inflation, especially with college costs on the horizon. Solution: By strategically utilizing a Solo 401(k) plan, the Millers can contribute both as the employee and the employer, significantly increasing their retirement savings while simultaneously reducing their current tax liability. Specifically, given their eligible self-employment income, they can contribute the maximum allowed amount, leveraging both the employee and employer contribution limits within the Solo 401(k) structure. This approach also allows them to re-evaluate their fixed income investments, specifically their bond allocations, in light of potential tax advantages of certain instruments. ROI: $25,000 in tax savings annually by contributing the maximum allowable amount to a Solo 401(k) (employee + employer contributions). This also allows them to potentially defer taxes on investment growth within the Solo 401(k), leading to a substantial increase in their retirement nest egg over the long term, estimated at $350,000+ over 20 years assuming a 7% average annual return. Description: Discover how a high-earning couple leveraged a Solo 401(k) to slash their tax bill and aggressively boost retirement savings. Maximize your contributions, minimize your taxes, and secure your financial future today! Category: Lead Gen Calculators: Solo 401(k) Calculator, Tax Equivalent Yield Calculator, Bond YTM Calculator