Michael Torres

CPA, Former IRS Revenue Agent

Updated: January 18, 2026

Retirement 4.5/5

Solo 401(k)

Retirement plan for self-employed individuals with high contribution limits.

Pros & Cons

Pros

High contribution limits
Both employee and employer contributions
Roth option

Cons

Setup complexity
Annual reporting for larger accounts

Key Features

Up to $66,000/year contributions

Employee + employer contributions

Roth option

Loan option

FAQs

What is a Solo 401k?

Retirement plan for self-employed; high limits.

Who can open Solo 401k?

Self-employed with no full-time employees.

Is Solo 401(k) free to use?

Solo 401(k) offers various pricing options to accommodate different budgets and needs. We recommend reviewing current pricing on their website as it may change over time.

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Rocket Dollar

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Benefits platform for independent workers providing retirement savings, health insurance, and tax withholding in one place.

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Last updated: January 18, 2026

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