What is a Solo 401(k)?
A Solo 401(k), also known as an Individual 401(k), is a powerful retirement plan designed for self-employed individuals and small business owners with no full-time employees other than a spouse. It offers high contribution limits, flexible investment options, and unique features not found in traditional retirement accounts.
Key Features:
- •Maximized Contributions: Make both employee and employer contributions, allowing for higher annual savings—up to $58,000 (or $64,500 if age 50+) as of 2021.
- •Roth Option: Choose between pre-tax (traditional) and after-tax (Roth) contributions for tax flexibility now and in retirement.
- •Plan Loans: Borrow from your Solo 401(k) for major expenses, with flexible repayment options.
- •Diverse Investments: Invest in a wide range of assets—including real estate, private equity, precious metals, and more—with Imagine IRA's platform.
- •Spouse Participation: If your spouse earns income from your business, they can also participate and double your household's savings potential.
- •Easy Administration: Simple setup and management, with support for compliance and reporting.
Who Should Consider a Solo 401(k)?
- •Self-employed professionals, freelancers, and small business owners with no full-time employees (other than a spouse).
- •Those seeking to maximize retirement contributions and tax advantages.
- •Investors looking for broad investment choices and the ability to borrow from their plan.
Why Choose Imagine IRA?
- •Access to both traditional and alternative investments.
- •Secure, user-friendly digital platform.
- •Transparent, flat-fee pricing.
- •Expert support and educational resources every step of the way.
Solo 401(k) Debt Refinance Calculator
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