3 Ways a Solo 401(k) Can Save Your Retirement
Whether you're self-employed now or plan to start a small business in retirement, a Solo 401(k) is an ideal way to keep your investments flowing. Here's how.
Owning a business is no joke. As the boss, you're responsible for ensuring customers are happy, taxes are paid, and your competition is in the rearview mirror. As challenging as it may be to be a solo business owner, though, the benefits can be pretty sweet – including the chance to change the course of your retirement by taking advantage of a Solo 401(k).
A Solo 401(k) – sometimes called an individual 401(k) or self-employed 401(k) – is designed specifically for small business owners who don't have any employees (other than a spouse). Although a Solo 401(k) shares some characteristics with a standard 401(k), there are some notable differences.
Think of a Solo 401(k) as a tool that can help you supercharge your retirement savings plan. Even if you've already retired from your "regular" job, the benefits of a Solo 401(k) can be surprisingly lucrative.
