Guide to Solo 401(k) Plans: Retirement Savings for Self-Employed
Understanding Solo 401(k) Plans: Self-Employed Retirement Savings
For self-employed individuals looking to save for retirement, a Solo 401(k) plan can provide a powerful solution. Also known as an Individual 401(k), this retirement plan is designed specifically for self-employed individuals, allowing them to contribute both as an employer and an employee. This means that they can make higher contributions compared to other retirement plans. The Solo 401(k) plan offers several benefits, including tax advantages and flexibility, making it an attractive option for those who work for themselves.
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