A Solo 401(k) offers one of the most powerful ways to save for retirement while maximizing tax benefits.
What is a Solo 401(k)?
A Solo 401(k) is a retirement savings plan designed for self-employed individuals with no employees (except a spouse).
Benefits of a Solo 401(k)
- Higher contribution limits – Up to $72,000 in 2026
- Tax-deferred growth
- Roth option available
- Loan option
- No administrative costs
2026 Contribution Limits
As an employee: up to $24,500 (or $32,500 if 50+)
As an employer: up to 20% of net self-employment income
Total maximum: $72,000 ($80,000 if 50+)
How to Open
- Choose a Provider: Fidelity, Vanguard, Schwab, E*TRADE, Betterment
- Open the Account: Complete the application
- Make Contributions: Employee deferrals and employer contributions
Roth Solo 401(k) Option
Contributions are taxed now but grow tax-free and withdrawals are tax-free in retirement.
Getting Started Today
The best time to start saving for retirement is now. Opening a Solo 401(k) can be completed in under 30 minutes with most online brokers.
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