Solo 401(k) Plan

Written by True Tamplin, BSc, CEPF®

Reviewed by Subject Matter Experts

Updated on August 10, 2023

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A solo 401(k) plan, also called an individual 401(k), is a plan for the self-employed by which you act as both the sponsoring employer and employee.

You can actually contribute more than in a traditional 401(k) because you can match your own contributions.

In order to qualify you must run a business where there are no employees beyond yourself and your spouse, if applicable.

Have questions about 401(k) Plans? Click here.

Solo 401(k) Plan FAQs

About the Author

True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.

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