Understanding Solo 401(k) plans

As of 2020, 81 percent, or 25.7 million US businesses, were businesses that have no employees.[1] Owners of businesses have options to save for their retirement with Traditional and Roth IRAs. But these types of individual accounts have significantly lower contribution limits than employer sponsored retirement plans like 401(k)s, 403(b)s, 457 plans, or even SIMPLE…

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