Solo 401(k)

Retirement Plan

Powerful Retirement Savings for the Self-Employed

Maximize your retirement contributions and gain greater control over your investments with a Solo 401(k) designed for self-employed individuals and small business owners with no full-time employees.

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What Is a Solo 401(k)?

A Solo 401(k)—also known as an Individual 401(k) or One-Participant 401(k)—is a retirement plan created specifically for self-employed individuals and small business owners who do not have full-time employees, other than a spouse.

Unlike traditional retirement accounts, a Solo 401(k) allows you to contribute both as an employee and an employer, significantly increasing how much you can save for retirement each year—while benefiting from valuable tax advantages.

This type of plan is ideal for entrepreneurs, independent contractors, consultants, and owner-only businesses seeking flexibility, control, and higher contribution limits.

Key Benefits of a Solo 401(k)

With a Solo 401(k), business owners have freedom to invest in assets outside the stock market, with checkbook control over your funds, while also being exempt from pesky UDFI taxation.

Higher Contribution Potential

Solo 401(k) plans allow for substantially higher annual contributions compared to traditional IRAs, making them one of the most powerful retirement tools available for self-employed individuals.

Tax-Advantaged Growth

Choose between Traditional (pre-tax) contributions to reduce current taxable income or Roth (after-tax) contributions for potential tax-free qualified withdrawals in retirement.

Greater Investment Control

A Solo 401(k) can offer broader investment flexibility than many employer-sponsored plans, allowing you to align your retirement strategy with your long-term financial goals.

Spousal Participation

If your spouse works in your business, they may also participate in the plan—further increasing your household’s retirement savings potential.

Solo 401(k) vs. Other Retirement Options

Why choose a Solo 401(k)?

  • Higher contribution limits than Traditional or Roth IRAs

  • More flexibility than SEP IRAs for certain income levels

  • Potential exemption from certain taxes that may apply to other self-directed retirement accounts

  • Greater control compared to many custodian-restricted plans

For eligible business owners, a Solo 401(k) often provides a superior balance of tax efficiency, flexibility, and control.

How the Solo 401(k) Works

Getting started is straightforward:

Consult With Our Team

Begin with a personalized consultation where our experienced team reviews your business structure, income, and retirement goals to determine whether a Solo 401(k) is the right solution for your specific situation.

Plan Setup

Once eligibility is confirmed, we prepare and establish your Solo 401(k) plan using properly structured, IRS-compliant plan documents, ensuring your account is set up correctly from the start.

Account Funding

After your plan is established, you can fund your Solo 401(k) by making new contributions or by rolling over eligible assets from existing retirement accounts, all in accordance with applicable regulations.

Invest With Confidence

With your account funded, you gain the ability to direct your retirement investments according to your plan terms and IRS guidelines, allowing you to move forward with confidence and long-term clarity.

Consult With Our Team

Begin with a personalized consultation where our experienced team reviews your business structure, income, and retirement goals to determine whether a Solo 401(k) is the right solution for your specific situation.

Plan Setup

Once eligibility is confirmed, we prepare and establish your Solo 401(k) plan using properly structured, IRS-compliant plan documents, ensuring your account is set up correctly from the start.

Account Funding

After your plan is established, you can fund your Solo 401(k) by making new contributions or by rolling over eligible assets from existing retirement accounts, all in accordance with applicable regulations.

Invest With Confidence

With your account funded, you gain the ability to direct your retirement investments according to your plan terms and IRS guidelines, allowing you to move forward with confidence and long-term clarity.

Get Started

Frequently Asked Questions

Who is eligible for a Solo 401(k)?

Self-employed individuals or business owners with no full-time employees, other than a spouse.

Can I roll over funds from another retirement account?

In many cases, yes. Eligible rollovers may include funds from IRAs or previous employer plans, subject to IRS rules.

Are there annual filing requirements?

Solo 401(k) plans generally have minimal reporting requirements until assets exceed IRS thresholds.

Is a Solo 401(k) right for every business owner?

Not always. Eligibility, income, and long-term goals all matter. A consultation can help determine the best option.

Get Started With
MyDirect IRA

Take control of your retirement with a Solo 401(k) built for flexibility, growth, and long-term success.

Our team will guide you through every step—from plan setup to ongoing support—so you can move forward with confidence.

Schedule 1v1 Consultation

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