The ideal retirement strategy for self-employed individuals or small business owners without full-time employees.
A Solo 401(k), also referred to as a one-participant 401(k), is a retirement plan tailored for self-employed individuals. It operates similarly to an employer-sponsored plan but offers enhanced flexibility. To qualify for this plan, you must meet two conditions: engagement in self-employment and having no full-time employees. With a Solo 401(k), you have the option to contribute both as an employee and as an employer.
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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.