Alright, so what is the Solo 401K?
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The Solo 401K is just a one-participant 401K plan. Traditionally, 401K plans are offered by an employer to its employees to help them save for retirement. But a Solo 401K plan just applies to one person who typically wears both hats, the business owner.

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If you are self-employed with no employees, then the Solo 401K was designed for you.

Because you are the Employer and the Employee in your business, you get to reap the tax benefits of both sides.

As of 2021, you can contribute up to $58,000 in a Solo 401K account.

For comparison, that’s $52,000 more than you can in a traditional IRA or retirement account. Normally, you can only contribute up to $6,000 per year in a traditional IRA.

To make this even better, you can deduct your contributions from your tax return

With that being said, I want to fully review Pros and Cons and walk through an in-depth Solo 401K explained.

Outline for Solo 401k:

Solo 401k intro: (0:00)
What is a Solo 401k?: (1:09)
Tax Benefits of Solo 401k: (3:30)
Solo 401k loans: (3:45)
Solo 401k and Roth IRA: (4:13)
Problems & Cons of a 401k: (4:56)
Eligibility Requirements of 401k: (5:57)
How do you contribute to a Solo 401k: (7:19)
Solo 401k vs SEP IRA: (8:41)

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