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A solo 401(k) is a retirement savings plan for a self-employed or sole proprietor business owner (and spouse, if applicable). This individual 401(k) plan goes by different names including Single(k)®, self-employed 401(k), Individual 401(k), or one-participant 401(k).
A solo 401(k) plan provides all the same benefits as their larger, traditional 401(k) counterparts–acting as a savings vehicle for participants to invest contributions from their paychecks. By playing both roles as both employer and employee, solo 401(k) plans allow self-employed business owners to maximize their retirement contributions. Solo business owners can then gain additional savings by deducting these 401(k) contributions, along with any plan costs, as a business expense.
With the Single(k) solution from Ubiquity Retirement + Savings™, a business owner can establish a plan online in minutes for one low fee and start saving today.