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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.
Here are the best 401(k) plans by provider and ... Those age 50 and older can make a “catch-up” contribution of up to $7,500. ... or after-tax (Roth) contributions as a self-employed ...
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 ...
Those 50 and over can make a $7,500 catch-up contribution. ... One key difference between the Roth solo 401(k) plan and other self-employed retirement plans is that employees can contribute all of ...
My Solo 401k Financial's self-directed 401(k) plans for self-employed individuals now qualify for up to $1,500 in tax credits under the Secure Act. ... under age 50 and $73,500 for those 50 and ...
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