Solo(k)s

A Solo(k) is designed for self-employed business owners.

Solo(k)

Solo-401(k)
Self-employed woman on laptop researching Solo(k)s

A Solo(k) is designed for self-employed business owners. That includes:

  • Freelancers
  • Independent contractors
  • Sole proprietor businesses
  • Closely held family businesses
  • Anyone who receives 1099 form(s) at the end of the year for their income taxes, rather than the W-2 forms that traditional employees receive for regular payroll wages
 

If you operate your own business and have no employees or only part-time employees (that is, W-2 employees who work less than 1,000 hours per year), you qualify for a Single(k) retirement plan. Solo(k) Plans are designed specifically for freelancers, independent contractors, and other “1099 workers” who do not work for large companies with HR and Benefits departments.

With Solo(k), you get all the 401k benefits that employees of large businesses enjoy, including tax-deductible retirement savings and the ability to take out loans against your savings. However, you avoid the complicated paperwork, long startup times, and compliance headaches you would face setting up a big-business 401k plan.

Retirement Nest Egg

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