Solo 401(k) Retirement Calculator

Wondering how much you can save toward retirement with a Solo 401(k)? Use our calculator to find out!

There are many variables that can affect how much money you have saved when you retire. Contributing a little more money to your 401(k) each pay period can have a negligible difference to your lifestyle today, but have a big compounding effect for the future. Withdrawing some of your money in a 401k loan might not seem like a big deal now, but how much in lost savings will that translate to down the road?

Compared to IRAs, Solo 401(k)s let you set aside a considerably higher amount toward your nest egg. Compared to other 401(k)s, the Solo 401k is easier to administer, without the hassles of annual fairness testing, auditing, and form filing (if your balance is under $250,000, that is).

If you’re self-employed or a sole proprietor and contemplating retirement, use this helpful Ubiquity Retirement Planning + Savings™ 401(k) calculator to crunch the numbers.

How old are you?

It’s never too late or too early to start saving! As a self-employed business owner, the total amount you can save for retirement as both employer and employee is $66,000.

What is your income before taxes?

How much you make today can help determine how much you’ll need to maintain your lifestyle in your golden years.

How much have you already saved in your 401(k) account?

Make sure to include any accounts with past jobs as well as the balance of your current 401(k).

401(k) Balance at Retirement

● Contributions● Employer Match● Investment Returns

You will need about:

/month

Your 401(k) will provide:

/month

Tweak Your Numbers

Monthly 401(k) contributions

Employer match

Limit on matching contributions

Retirement age

Rate of return

Life expectancy

% of Current Income Needed in Retirement

Total 401(k) fees

Include 401(k) fees

What Can a Solo 401(k) Calculator Tell You?

Ubiquity’s Solo 401(k) Calculator helps you determine:

The monthly income you’ll need for retirement.
The amount you’ll receive from retirement based on monthly contributions.
Whether you’re currently on-track for meeting your retirement goals.
The potential impact of withdrawing funds early with a loan.

A Solo 401(k) Calculator can also help you make several key calculations to understand how much you can potentially contribute to your future retirement fund.

For a Solo 401(k), Your Business Type Matters

To determine your Solo 401(k) maximum, take Employee Contribution + Employer Contribution

The employee calculation for a Solo 401(k) is pretty straightforward. You can invest up to 100% of your income to a maximum of $22,500 into the account for 2023. If you’re age 50 or older, you can put in an extra $7,500.

As the employer, though, you can add a profit-sharing contribution into your Solo 401(k) that varies based on how your business gets taxed.

If you are a Sole Proprietorship or Partnership (LLC), you can contribute up to 20% of net adjusted business profit. You can calculate this figure by taking your gross self-employment income and subtracting your business expenses + half your self-employment tax.
If you are incorporated as an S-Corp or C-Corp, you may contribute up to 25% of your W2 wages.

The total amount you can save for retirement as both employer and employee is $66,000 (plus the catchup contribution of $7,500, plus your spouse’s contributions). At most, a Solo 401(k) will allow a married couple $215,000 in savings, as of 2023.

Solo 401(k) Sole Proprietor Profit-Sharing Contributions

If you’re a 35-year-old sole proprietor with $50,000 of net income, you can contribute $22,500 in salary deferrals + $9,294 in profit-sharing contribution for a total of $21,794.
If you’re a 35-year-old sole proprietor with $100,000 of net income, you can contribute $22,500 in salary deferrals + $18,587 in profit-sharing contribution for a total of $39,087.
If you’re a 50-year-old sole proprietor with $50,000 of net income, you can contribute 30,000 in salary deferrals + $9,294 in profit-sharing contribution for a total of $36,294.
If you’re a 50-year-old sole proprietor with $50,000 of net income, you can contribute $30,000 in salary deferrals + $18,587 in profit-sharing contribution for a total of $45,587.

Your Age Determines How Much You Can Set Aside

If you are turning 50 years old before December 31st, you can put in an extra $7,500 to your Solo 401(k).

To set up your easy, low-cost Solo 401(k), contact Ubiquity today!

Solo 401(k) Calculator

How Much Can I Save?