The 401(k) Solo—also referred to as a self-employed 401(k) or an individual 401(k)—is a retirement plan specifically designed for private contractors, entrepreneurs, and/or business owners with no full-time employees besides the owner, any partner(s), and spouse.
Is the 401(k) Solo Right For Me?
An increasing number of professionals are choosing to work on their own, but that decision has traditionally eliminated the comfort of 401(k) savings. The Solo 401(k) may be a good option for you if:
- You work for yourself in any capacity.
- You don’t have any full-time employees.
- You still want to retire someday.
Benefits of a 401(k) Solo
There are several benefits to a 401(k) Solo. The greatest benefit is the ability to set money aside each year toward retirement—up to $56,000 each year, and double that amount if your spouse works alongside you. In addition to the peace of mind this brings, here are a few other benefits:
- Confidence in your investments. If you choose an Ultimate 401(k) Solo, you can extend your investments beyond Wall Street into assets you are familiar with such as real estate, small businesses, foreclosures, and precious metals such as gold and silver.
- Complete control of your savings. With the 401(k) Solo, you are in control of your account. Your account is set up as a checking account at the bank of your choice. When you’re ready to invest, you can write a check (or just move the money over, depending on the online banking options available at your bank).
- Maximum wealth for retirement. Up to $18,000 of your annual contributions can be Roth contributions if you’re under 50, and once you’re over 50, that limit increases to $24,000. Furthermore, your 401(k) Solo contributions are tax-deductible.
- Freedom over your finances. If you ever need to borrow funds from your 401(k) Solo, you can take out a loan against the amount. You can borrow up to $50,000 from an Ultimate 401(k) Solo and use it however you like. Whether you need to use the money to pay for your child’s college or for growing your business, your 401(k) Solo is there to help.
Solo professionals often possess an impressive drive and business savvy. Lower fees and fewer processing delays make the Ultimate 401(k) Solo an increasingly popular option among sole proprietors. It puts the owner of the account in control, and ensures the money will be there when it’s time to retire.
Call 800-395-5200 or contact Broad Financial online today to find out how you can start growing your own wealth now.
What Other Entrepreneurs Are Saying
“The process of setting up my Solo 401(k) with Broad Financial was simple and efficient. I feel confident that going with Broad Financial was the right decision. I look forward to using Broad Financial again. Thank you!” – Nick Palmer, Bozeman, Montana
“Broad Financial made setting up my Solo 401(k) so easy. They handled all the details. I had a ton of questions and they were very quick to respond with answers. They even talked to my bank when setting up my checkbook account. I would recommend them to anyone interested of taking control of their retirement account". – Rob Sturm, Johns Island, South Carolina
Read more testimonials from Broad Financial clients.