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For those who are self-employed in a one-person business, a solo 401 (k) can be an excellent option. A Roth solo 401 (k) offers higher contribution limits than a Roth IRA without the income ...
A self-employed individual who can make a maximum contribution of $66,000 in 2023 ($69,000 in 2024) to their solo 401 (k).
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 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 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.
SEP-IRA. A Simplified Employee Pension Individual Retirement Arrangement (SEP IRA) is a variation of the Individual Retirement Account used in the United States. SEP IRAs are adopted by business owners to provide retirement benefits for themselves and their employees. [1] There are no significant administration costs for a self-employed person ...
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