A retirement benefit for you (and only you) – A solo 401(k) lets business owners save more

Description

Abstract: Those who are in business for themselves need to invest in their retirement just as they invest in their business. A solo or individual 401(k) plan, sometimes known as the uni-k or one-participant k, allows them to sock away more than some other retirement plans do. This article describes the rules and regulations involved in establishing a solo 401(k) plan and offers some contribution calculations. A sidebar looks at the solo 401(k) plan’s cousin, the solo Roth 401(k) plan.