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The self-employed have several plan options, including defined contribution plans such as a solo 401(k), SEP IRA and SIMPLE IRA. But they also have some defined benefit options, too.
When you're self-employed, you're in charge of choosing and funding your own retirement plan. In place of an employer-provided retirement plan like a 401(k), you may consider making contributions ...
While saving for retirement is crucial, knowing what that looks like can be difficult. Self-employed individuals must choose between accounts like a SEP IRA or a solo 401(k). Both accounts have...
SEP IRAs and solo 401(k)s are tax-deferred retirement savings vehicles for small business owners. They're similar to each other but with one big difference. With a solo 401(k), a self-employed ...
However, contribution limits are greatly reduced compared to some other plans, like the solo 401(k) or the SEP-IRA. Traditional and Roth IRA contributions are limited to $7,000 for 2024, with an ...
The account comes in two major varieties: the (pretax) traditional 401(k) or the (after-tax) Roth 401(k). One-person businesses may also open a solo 401(k) and save even more.