We'll teach you how to save more.

Welcome to the Individual 401(k) where we will teach you how to Save More using this great retirement planning account.

Tax Benefits & Advantages

You can take a tax-break today on all of your contributions or even grow after-tax money tax free without the income restrictions.

Individual 401(k) Loans

According to IRS rules, you have five years to pay back your loan, unless the funds are used to buy your main home, in which case you have even more time.

Covering Your Spouse

If your spouse earns income from your business this could double the amount you can stash away in an Individual 401(k) plan!

Learn More

What is an Individual 401(k)?

An Individual 401(k) is a personal 401(k) intended for business owners without any staff members or employees. In reality, IRS regulations state that you can use the plan to cover you and your spouse, but you cannot make contributions to an Individual 401(k) if you have full-time W-2 employees.

Learn more

What is an Individual 401(k)?

Eligibility rules

No age or income restrictions, but must be a business owner with no employees.

Contribution limits

Total of up to $61,000 in 2022, or $66,000 in 2023, with an additional $6,500 catch-up contribution if 50 or older in 2022, or an additional $7,500 in 2023.

Taxes on contributions

Traditional 401(k): Contributions are made pre-tax, reducing taxable income for the year contributions are made. Roth 401(k): Contributions are made with after-tax dollars.

Taxes on qualified distributions in retirement

Traditional 401(k): Qualified distributions are taxed as income. Roth 401(k): Qualified distributions are tax-free.

How to open

As long as you have an employer identification number, you can open a solo 401(k) at many online brokers, but please consult your tax advisor.