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The self-employed have several plan options, including defined contribution plans such as a solo 401 (k), SEP IRA and SIMPLE IRA. But they also have some defined benefit options, too.
One key difference between the solo 401 (k) and other self-employed retirement plans is that employees can contribute all of their salary up to the annual maximum contribution.
A 401 (k) plan is a tax-advantaged retirement savings tool offered by employers that allows eligible employees to contribute a portion of their salary up to a set amount each year.
In the United States, a 401 (k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401 (k) of the U.S. Internal Revenue Code. [1] Periodic employee contributions come directly out of their paychecks, and may be matched by the employer. This pre-tax option is what makes 401 (k) plans attractive to employees, and many employers offer ...
A Roth solo 401 (k) offers the same contribution limits as a Roth 401 (k) with a normal employer. For 2023, the contribution limit is $22,500 and for 2024 it’s $23,000.
Keogh plans are applicable to self-employed individuals who own their own unincorporated business (sole proprietorships, partnerships and LLCs). All contributions must be made "pre-tax", meaning that the contributions can be deducted from this year's tax, but taxes must be paid on the money when it is withdrawn during retirement.
An individual retirement account is similar to a 401 (k) in that you can contribute a limited amount of money each year — $7,000 in 2024, plus a $1,000 catch-up contribution if you’re 50 or ...
Make bigger contributions: Contribution limits are higher than traditional and Roth IRAs, as well as more than what you can contribute to a 401 (k) at a typical employer, though a solo 401 (k) may ...
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