A Solo(k) is a retirement plan created specifically for self-employed individuals who seek to create retirement savings on a tax-advantaged basis while enjoying full flexibility in funding and a more broad range of investment options. It is a retirement plan created specifically for self-employed individuals.
Make annual contributions up to $61,000, or $67,500 if you're older than 50. Make larger contributions than other retirement plans.
Borrow up to $50,000 or 50% of your account value (whichever is less) and use loan proceeds for any purpose.
Some of the investments you can make with your Solo 401k are: Stocks, Bonds, Mutual Funds, Real Estate, as an example.
Easy to operate and administer. There's generally no annual filing requirements unless your account exceeds $250,000 in assets.
Transfer former employer 401k, and IRA's (SEP, SImple, & Traditional IRA) into a Solo 401k.