Solo 401(k) Calculator

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.

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 $23,000 into the account for 2024. 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 $69,000 (plus the catchup contribution of $7,500, plus your spouse’s contributions).