Solo 401K or Individual K, Self Employed 401K, Solo 401K Plan

Solo 401K or Individual K

Self-Employed Option

The self-employed 401K, also known as a Solo 401K or Individual 401K, allows self-employed business owners to put aside as much as $54,000 a year (under 2009 limits) into a personal 401K account. A self employed 401K is basically limited to companies with one employee (the owner) although spouses can also contribute to the plan.

Sole Proprietor Option

The Solo 401K plan provides a unique retirement wealth building tool for the sole proprietor of a small business because the sole proprietor gains the advantage of an increased annual contribution and thereby a greater earning potential while continuing to work and generate income. Utilizing this retirement strategy can provide for sustained lifestyle in retirement.