Solo 401(k)

A Solo 401(k) is a retirement savings plan designed for self-employed individuals or small business owners with no employees, except possibly a spouse. It allows you to contribute both as an employer and an employee, significantly increasing your savings potential. Contributions can be made pre-tax, reducing your taxable income, or as Roth contributions, which allows for tax-free growth. This plan also offers flexibility in investment choices and can help you build a substantial nest egg for retirement while providing some loan options. Overall, it’s an effective tool for individuals seeking to maximize their retirement savings.