Solo 401(k)s allow self-employed workers to save for retirement, acting as both employee and employer. Self-employed individuals can contribute up to $69,000 in 2024, increasing to $70,000 in 2025.

A solo 401(k) plan is a retirement savings option for self-employed individuals or small business owners with no employees, aside from a spouse. When an individual owns multiple businesses or has ...

If you’re a self-employed person, these differences can make it difficult to figure out whether a solo 401(k) or SEP IRA ...

Solo 401(k) allows business owners with no employees to set aside up to $70,000 in 2025. Additional catch-up contributions up to $11,250 are available for certain age groups. Self-employment tax ...

But past surveys have indicated that fewer than two-in-ten of the self-employed who work in a solo business have a retirement account that they fund. It’s woefully low when compared to rates of ...

A solo 401(k), also known as an individual 401(k) or a one-participant 401(k), is designed for self-employed people who have no employees other than a spouse. The plan allows these small-business ...

Freelancers who don't have any employees generally have two main options: a simplified employee pension or a solo 401(k). Here's how they both work and how to pick the best plan for you.

The trade-off is clear: The Simple IRA provides greater contributions than a traditional or Roth IRA, but less than the 401(k). It is a good “middle-of-the road” solution. Solo 401(k).