A qualified retirement plan designed specifically for business owners with no full-time employees, other than a working or non-working spouse. Solo 401(K) rules apply.
The solo 401(k) allows for higher contributions than other common retirement plans traditionally used by single-owner businesses, such as SIMPLE and SEP plans. The administration of the plan is very simple, especially when the plan balance is under $250,000, and it can be designed with traditional or Roth tax treatment. This makes the Solo 401(k) a flexible, powerful tool.