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Article Date:
June 2011

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Best Small-Business Retirement Plans: Part 4, the Solo 401(k) Option

This is part 4 of our series on the best tax-smart retirement plans for small businesses.


For parts 1, 2, and 3, click the links below:



The Best Small-Business Retirement Plans: Part 1


The Best Small-Business Retirement Plans: Part 2, the Simplified Employee Pension (SEP) Option


Best Small-Business Retirement Plans: Part 3, the SIMPLE-IRA Option


This article covers the solo 401(k) option, which can allow you to make bigger annual deductible contributions.


The solo 401(k) plan is a type of defined-contribution plan. As such, your annual contributions are completely discretionary. You can contribute little or nothing in years when cash is tight.


You also may see solo 401(k)s called by other names such as mini-401(k)s and uni-401(k)s. The names are meant to describe plans that cover only the solo business owner and, in appropriate circumstances, the solo business owner’s spouse. Such solo plans are exempt from complicated nondiscrimination and coverage rules that affect multi-participant 401(k) plans.


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