Single(k) Plus®: Recordkept 401(k) for the Self-Employed Business Owner

No business is too small for a retirement plan.

  • Maximize your tax savings today and in retirement with traditional and Roth contributions (and an annual contribution limit over 10x higher than an IRA).
  • Deduct eligible retirement contributions and plan expenses from your small business taxes–and potentially lower your personal tax liability.
  • Personalize your retirement investment strategy with pre-selected options or customizable fund lists.
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Call 866.634.6116 or schedule a free consultation with a retirement expert to learn more.

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As a freelancer or sole proprietor business owner, being your own boss has its benefits: flexible hours, setting your own schedule, deducting home office expenses.

However, you do miss out on some of the benefits that traditional workers enjoy, like employer-sponsored insurance and paid time off.

You might think that list of tradeoffs includes 401(k) retirement savings—but it doesn’t to be this way. With Single(k) Plus® plans from Ubiquity Retirement + Savings, it’s easy to invest in your future in a tax advantaged solo 401(k) plan. Start saving for your retirement today—reducing your tax bill while allowing your investments to grow tax-free until your golden years.

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What is a Single(k) Plus plan?

Ubiquity Single(k) Plus plans are solo 401(k) retirement plans for one-person businesses.

They are designed specifically for freelancers and independent contractors who do not work for large companies with HR and Benefits departments.

With Single(k), you get all the 401(k) benefits that employees of large businesses enjoy, including tax-deductible retirement savings and the ability to take out loans against your savings. However, you avoid the complicated paperwork, long startup times, and compliance headaches you would face setting up a big-business 401(k) plan.

You can put aside thousands of dollars each year in tax-deductible retirement savings, with a plan you can quickly set up and manage on your own.

Save for the future while lowering your tax bill

Single(k) Plus combines the simplicity of individual retirement savings with the flexibility and higher contribution limits of a big-business profit-sharing plan. You can lower your taxable income today while building your nest egg for when you are ready to retire.

Lower your taxes in three ways:

  • Traditional solo 401(k) contributions: Contribute to your retirement savings using pre-tax dollars. You do not pay taxes on the income you contribute to your solo 401(k), lowering your annual tax bill. When you are ready to retire, you will pay taxes on the funds you withdraw.
  • Roth 401(k) contributions: Contribute to your retirement savings using “after-tax” dollars. With a Roth 401(k), your contributions come from income on which you have already paid taxes. However, those investments can then grow tax-free, and you will not have to pay income taxes on them when you are ready to retire.
  • Combine both: You can make some contributions using pre-tax income and some using after-tax income. Mix and match however you choose, up to the annual contribution limit. (See below.) Note: if you want to make both traditional and Roth 401(k) contributions, you will need to keep them in separate brokerage accounts.

Take advantage of high contribution limits and profit-sharing

When you choose a Single(k) Plus plan, you have the opportunity for nearly 10x the tax-advantaged retirement savings each year than with a traditional individual retirement account (IRA).

For 2022 you can contribute up to $20,500, plus an additional $6,500 in “catch-up” savings if you are 50 or older. (If you are saving with a traditional IRA, the 2022 contribution limit is just $6,000, plus catch-up contributions of $1,000 for those 50 or older.)

With a Single(k) Plus plan, you also have the option to contribute up to an additional $36,000 in what’s called profit-sharing contributions.

(If you imagine a big-business 401(k) plan, where the employer also contributes money to employees’ retirement accounts, that is the employer portion.) As a freelancer or independent contractor, you are technically both the employer and the employee—so you can max out both kinds of contributions if you choose. If you do, that is a total savings potential of up to $61,000 in tax-advantaged retirement savings this year!

Borrow against your savings if you need to

Withdrawing funds from a 401(k) account before you retire is never a good idea—and carries hefty fees. However, one of the big-business benefits that Ubiquity Single(k) Plus plans bring to freelancers and self-employed business owners is the ability to take out loans against your retirement savings if you need to.

You can borrow up to $50,000 from your vested retirement account savings. For a general-purpose loan, you can pay yourself back over a loan term up to five years. If you are borrowing to purchase a home, you can pay yourself back over 30 years.

Download Your Single(k) Plus Guide

    Download Your Single(k) Plus Guide
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    Why Trust Ubiquity?

    Ubiquity has helped over 100,000 small business savers contribute over $2.8 billion towards their retirement since 1999.

    Our retirement consultants have an average of 10 years’ experience and can help you set up a personalized retirement plan over the phone from our U.S.-based offices in less than an hour.

    As one of the first flat-fee providers for small business 401(k), each plan has a dedicated implementation manager and support team. Furthermore, SOC1 compliance ensures your data is safe.

    Given our tenure in this field, we have experienced retirement plan consultants who deliver one-on-one coaching when you need them, a low-cost commitment due to our flat-rates, no AUM (Asset Under Management) fees that many other providers have, and much more!

    Ready to call and set up your small business 401(k) plan today? (855) 401-7253

    ““I am not a 401(k) expert and the team at Ubiquity I work with has been patient, kind and are willing to help me obtain the knowledge I need to grow in my career.””

    - Ellen M., Hummingbird Wholesale

    © 2023 Ubiquity Retirement + Savings
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    44 Montgomery Street, Suite 300
    San Francisco, CA 94104

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    © 2023 Ubiquity Retirement + Savings
    Privacy Policy
    44 Montgomery Street, Suite 300
    San Francisco, CA 94104