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Tag: Individual 401K

Individual 401k Contribution Limits

Individual 401K plans are also known as self directed IRA plans, which are one of the newest forms of retirement plans for self-employed Individuals. The plans provide small business owners and spouses the opportunity to take advantage of self-employment benefits by establishing a solo 401K plan for retirement. They provide less expensive methods for financing business loans and provide a wider range of investment opportunities.

Solo 401K

An individual 401K is referred to as a solo 401K, specifically designed in 2002 for the self-employed individual. In today’s economy, many have gone into a self-employment mode to make ends meet or have come across an opportunity for a career and lifestyle transition. The solo plan works similar to a self directed IRA, allowing for retirement planning and tax saving contributions with some additional business deductions for the owner.