Designed for small business owner

The Solo 401(k) plan is an innovative retirement savings tool is a profit sharing plan with a 401(k) feature designed for businesses with no employees other than the owners and their spouses (if applicable).

Features and Benefits

• Generous contribution limit – potentially up to 44K a year
• Flexibility – Both salary deferrals and profit sharing contributions are discretionary. You do not have to make deferrals or a profit sharing contribution each year.
• Rollovers – Rollovers from other eligible plans, including traditional IRAs, are permitted, which gives you the chance to consolidate your retirement assets
  Loans – Loans are available
• Tax Benefits – Contributions are tax deductible, and earnings accumulate on a taxed-deferred basis.
• Low Cost – Costs for a Solo 401(k) are usually much less than those of a standard 401(k).

* If you anticipate hiring employees soon, this plan is not appropriate for you. (If the plan covers employees, it will be subject to 401(k) discrimination testing, which may have to make top-heavy minimum contributions, and you and your employee(s) will receive the same profit sharing contribution percentage. It is essential that you review the plan provisions with your tax advisor BEFORE hiring employees.

Grage Financial Group can help you get started to achieve a successful plan.