Solo 401k companies

What is a solo 401(k) plan?

A solo 401 (k) plan, also called a one-participant 401 (k) or a solo K, offers self-employed people an efficient way to save for retirement. There are no age or income restrictions, but participants must be business owners with no employees (apart from spouses).

How do I choose the Best Solo 401(k) companies?

To choose the best solo 401 (k) companies, we looked at 10 top providers of solo 401 (k) accounts. In evaluating providers, we focused on pricing, investment options, account features, and trading platforms. Pricing and fees were the single biggest factor considered, followed by investment choices.

Are there any solo 401(k) providers?

However, there are numerous solo 401 (k) providers on the market, many of which have different fees, loan rules, and options like Roth contributions. But it's important to pick a provider that has the features and pricing that makes sense for you.

Is a solo 401(k) right for Your Small Business?

A solo 401 (k) gives you all the benefits of one of the big employer-sponsored 401 (k) plans – the tax break for savings, the tax-deferred or tax-free growth and a generous annual maximum contribution – but you get to use it even if you’re a small business.

How much can a solo 401(k) contribute?

With the solo 401 (k) you can go above the usual limits of a 401 (k). While you may contribute to multiple 401 (k) accounts, your total employee contribution to all types of 401 (k)s may not exceed the annual maximum contribution, that is, $23,000 in 2024.

Where can I open a solo 401(k)?

Fidelity Investments is a great place to open a solo 401 (k) because of the low costs, strong customer support and wide range of available securities – some of the most key things. You can set up a solo 401 (k) quickly here, and you won’t pay a setup fee to do so.