This version of the traditional 401 (k) plan offers the most savings potential for individual business owners. A 401 (k) plan for the self-employed, also called an individual 401 (k) or individual 401 (k), is a special savings option for small business owners who have no employees (other than a spouse). One option if you're self-employed is the individual 401 (k) plan, also known as a standalone 401 (k) plan. In fact, the Solo 401 (k) has some benefits over other types of retirement accounts available to the self-employed, such as the ability to convert IRA into gold. An individual 401 (k) is a tax-advantaged retirement account for self-employed business owners and spouses who work for them at least part time.
Since there's usually a price to start and maintain an individual 401 (k), it's important to contribute more than you would to a traditional IRA to make it truly worthwhile. A 401 (k) plan alone is definitely worth considering, especially if you don't have employees and want to save a lot of money for retirement.