Crafting Financial Independence: The Self-Employed 401(k) Guide for Solopreneurs"
Navigating the Self-Employed 401(k): A Comprehensive Guide Introduction Self-employment offers freedom and flexibility, but it also comes with the responsibility of planning for your financial future. The self-employed 401(k), also known as a solo 401(k) or individual 401(k), is a powerful retirement savings tool designed for those who work for themselves. In this guide, we'll delve into the key aspects of the self-employed 401(k) to help you make informed decisions for your financial well-being. Understanding the Self-Employed 401(k) What is a Self-Employed 401(k)? A self-employed 401(k) is a retirement savings plan specifically tailored for self-employed individuals or business owners with no employees other than a spouse. It combines features of traditional 401(k) plans and Simplified Employee Pension (SEP) IRAs, offering high contribution limits and flexibility. Contribution Limits One of the significant advantages of a self-employed 401(k) is the higher contribution limits c...