Individual (Solo) 401k
If you don't have any employees other than your spouse or a partner, an individual 401k plan may be the right choice for you. An individual 401k has many of the same benefits as a traditional 401k, but typically costs less and requires less administration. Substantial pre-tax salary deferrals and profit-sharing contributions make building your retirement savings faster and easier.
Unlike SEP-IRA plans, loans are also available. An annual IRS Form 5500 filing is required after plan assets exceed $100,000. Solo 401k plans must be establised by December 31 (or by your business fiscal year-end. Contact Scott Brookes, AIF® for more information.
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