Single(k)^®: An Affordable and Easy to Manage Solo 401(k) Plan

Contribute up to 3x more than an IRA with all the advantages of a big business 401(k).

Personalize your investment options via a self-directed brokerage account at the financial institution of your choice
Opportunity for tax savings with traditional pre-tax and Roth contributions
Option to take a loan against retirement savings account

Find Your Solo 401(k) Plan

Answer a few simple questions to find a plan that is right for you and your business.

The solo 401(k) plan – often termed the single 401(k), individual 401(k) plans, or solo(k) is for business owners without full-time employees (with the exception of a business partner or spouse).

How Does a Single(k)^® Plan Work?

One of Ubiquity’s solo 401(k) plan offerings, Single(k), offers a unique path for self-employed professionals to secure their future retirement.

The plan allows business owners to set aside more money for retirement compared to other individual retirement savings plan options, like a traditional or Roth IRA.

It combines the features of a group 401(k) and a profit-sharing plan, enabling business owners to act both as the employee and employer.

This plan is an exceptional alternative to other retirement-investing avenues for sole proprietors, consultants, freelancers, and any business owner operating without full-time staff.

Check out our Single(k) FAQs to learn more

Who Should Consider a Single(k)^® Plan?

C Corp, S Corp, LLC, and DBA
Independent contractors
Freelancers
Sole proprietorship businesses

Core Features

Higher contributions limits than IRAs (after-tax contributions)
Business tax deduction for plan contributions and plan expenses
Reduced taxable income for pre-tax salary contributions
Low maintenance plan administration – no nondiscrimination testing and business owners are not required to file annual reports with the IRS until the plan reaches $250,000 in assets or when the plan terminates
Dedicated client support team

Plan Benefits

Option to add Mega Backdoor Roth
Assistance with annual 5500 EZ and 1099-R form preparation at no additional cost
Expert plan consulting available during setup
Option to take a loan from retirement savings

Sign Up Online for a Single(k)^® Plan Now

Purchase Single(k) Plan

Single(k)^® Plan Provisions

Who Can Participate

Business owner, business partner OR spouse (maximum of 2 people)

Eligibility

Immediate or 12-months (1,000 hours) of service

Employee Contributions

Pretax and Roth (optional Mega Backdoor Roth)

Employer Contributions

Profit-Sharing Contributions

Vesting

Full and immediate

Loans

Permitted

In-Service Withdrawals

Available to participants over age 59½

Individual Contribution Limits

Salary Deferral Contribution

Up to $22,500

Profit-Sharing Contribution

For corporations: Up to 25% of income
For the self-employed: Up to 20% of income for self-employed

Annual Limit Per Participant

Lesser of 100% of salary or $66,000

Catch-Up Contributions (if age 50 or older)

$7,500

For additional details on contribution limits, click here.

Solo 401(k) Setup Deadlines

To establish a plan for a tax year, the business owner must:

Sign a plan document by the last day of the business’s tax year to contribute for that year (e.g., December 31 for a calendar-year business)
Make all contributions by the business’s federal income tax return due date, including extensions
Plan may be set up for the prior year if they sign up by their tax deadline (no extensions)

Download Your Single(k) Fact Sheet

Checking off boxes on 401(k) retirmenet plan

Learn more about our Single(k) offering

Additional Resources for Solo 401(k)

Schedule Your Free Single(k) Consultation

Setting up a 401(k) can be complicated. Ubiquity gives small business owners access to retirement experts in addition to industry-leading, low, flat fees¹. Each retirement specialist has over a decade of experience assisting business owners in 401(k) plan design.

Ubiquity is not a registered investment advisor, and the information provided herein should not be considered legal or tax advice. We recommend consulting with your financial planner, attorney, and/or tax advisor for personalized advice.

1 Decimal, Inc. charges flat fees for recordkeeping and administrative services. Third-party service providers may assess asset-based fees to customers. We advise Plan Sponsors to review all service agreements with providers, such as investment advisors, custodians, and broker-dealers, to evaluate the total cost of the plan.

Single(k)®: An Affordable and Easy to Manage Solo 401(k) Plan

How Does a Single(k)® Plan Work?

Who Should Consider a Single(k)® Plan?