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For 2024, self-employed people can only contribute up to $23,500 to their 401 (k) plans, with an additional $7,500 “catch-up” contribution permissible for those ages 50 and older.
A solo 401 (k) plan is a retirement account for self-employed individuals or business owners with no full-time employees, but the IRS says you can use the plan to cover you and your spouse.
Here are the details on some of the best retirement plans for the self-employed, how much you can sock away and which plan may be best for you.
A Solo 401 (k) (also known as a Self Employed 401 (k) or Individual 401 (k)) is a 401 (k) qualified retirement plan for Americans that was designed specifically for employers with no full-time employees other than the business owner (s) and their spouse (s). The general 401 (k) plan gives employees an incentive to save for retirement by ...
401 (k) 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.
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meaning that the contributions can be deducted from this year's tax, but taxes must be paid on the money when it is withdrawn during retirement.
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