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The solo 401(k) offers one of the best options for the self-employed to save money quickly, and if your spouse is involved in your business, you can really take maximum advantage of the program.
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 allowing them ...
A Roth solo 401(k) can be an excellent option for a self-employed individual or an eligible spouse who wants to contribute more to a Roth account than would be allowed with a Roth IRA ...
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.
A self-employed individual who can make a maximum contribution of $66,000 in 2023 ($69,000 in 2024) to their solo 401(k). You can contribute $22,500 in 2023 ($23,000 in 2024) as elective deferrals ...
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. There ...
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