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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.
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.
Visit Fidelity SEP IRA to compare SEP plans. Additional employer-sponsored retirement plans from Fidelity include self-employed 401(k ... plan providers with the best 401(k) plans. The top 401(k ...
Here are the best 401(k) plans by provider and some key facts about each. ... or after-tax (Roth) contributions as a self-employed individual, and you can contribute the lesser of $69,000 (for ...
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 ...
Here are the best brokers for a solo 401(k). ... unlike the typical 401(k) plan – and offer low introductory and ongoing costs. ... one of the best plans for the self-employed. Show comments.
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