It’s one of the most attractive retirement savings options for the self-employed: the Solo 401(k).
There are many perks to being self-employed — flexible hours, the possibility of working from home and, of course, being your own boss. But one major downfall that has historically burdened solopreneurs is the lack of access to traditional employer-sponsored retirement plans, such as a 401.
What is a Solo 401? A Solo 401 is a 401 retirement plan specifically designed for self-employed people or sole proprietors and, if applicable, their spouses. Who qualifies for a Solo 401? Any person who is truly self-employed, whether as a full-time business venture or side hustle, can participate in a Solo 401 plan. Your business qualifies whether it’s structured as a sole proprietorship, partnership or corporation, as long as there are no other employees or employees aren’t eligible to participate in a traditional 401. Examples of those: people who work fewer than 1,000 hours a year or are under 21.
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