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Business owners or 1099 Contractors – Contact us Today to get started! 855-PARKELM or kward@park-elm.com

Why choose a Solo 401(k)?

A Solo 401(k) is designed for self-employed people who have NO EMPLOYEES other than a spouse. Small business owners can stash away much more for retirement than they could in a traditional IRA or SEP IRA, while avoiding the expensive paperwork of setting up a full traditional 401(k) plan.

Download our ebook Pursuing a Better Retirement Experience here! 

Employee Contributions

You can make DISCRETIONARY contributions of up to $19,000 for 2019 as an employee...
…$25,000 if you are 50 or older, even if that is 100% of your self-employed earnings for the year.

Profit Sharing

You can also contribute up to 25% of your net self-employment income as an employer...
= business income minus half your self-employment tax – at a maximum considered compensation of $280,000.

Roth, Loans & Rollovers Available

Opt for a Roth 401(k) option that allows you to invest some or all of your contributions on an after-tax basis.
…not to mention the capability to roll funds in, and borrow from your plan.

Additional Contributions & Roth Conversions

If you're profit sharing and employee contributions aren't enough...
…make a possible after-tax contribution to max out the $56,000 and execute a Roth Conversion.

Defined benefit plan for high earners

Once you've maxed out your Solo 401(k), go for extra credit and look into a Defined Benefit Pension Plan...
…a supersized retirement plan that may allow you to contribute an additional $100,000 pre-tax per year depending on your age and income.