Solo 401(k)s are powerful tools for solopreneurs, freelancers, and real estate investors. If you’re the sole employee of your business, you can contribute up to $57,500, invest in alternatives like real estate, and leverage tax savings.
Simplified Employee Pension (SEP) IRA plans are ideal for small businesses with fewer than 10 employees. SEP IRAs are simple to manage and provide tax-advantaged savings for employers contributing to all employees’ retirements.
A SIMPLE IRA is ideal to self-employed individuals and small businesses with 100 or fewer employees and no other workplace retirement plan.