of self-employed retirement savers use tax-advantaged accounts to help build their retirement assets.[1]
Discover an affordable, simple retirement plan designed for small businesses
A Self-Employed 401(k)—also called a Solo 401(k) or Individual 401(k)—is designed for a business owner with no employees other than a spouse. It allows the owner to contribute in two capacities: as an employee and as the employer, providing greater retirement-saving flexibility than many IRA-based plans.[2]
Benefits and Features
- Designed for owner-only businesses
- A spouse employed by the business may also participate
- Combines employee deferrals with employer contributions
- Traditional pretax and Roth contributions may be available
- No nondiscrimination testing while there are no eligible employees other than the owner and spouse
- Plan loans and hardship withdrawals may be permitted
Our Role
Global Advisers helps business owners evaluate, establish, and manage the investment component of a Self-Employed 401(k). Our services include:
- Developing an investment strategy
- Selecting and managing investments
- Monitoring performance, risk, and expenses
- Rebalancing the portfolio when appropriate
- Coordinating with the account custodian and tax professional
- Providing ongoing investment advice and reviews
Global Advisers provides ongoing advice and professional investment management for the assets held within the plan.
[1] Transamerica Center for Retirement Studies, Retirement in the USA: The Outlook of the Workforce—25th Annual Transamerica Retirement Survey.
[2] Internal Revenue Service, One-Participant 401(k) Plans. The IRS confirms that the owner may contribute as both employee and employer, that a spouse may participate, and that an owner-only plan is generally exempt from nondiscrimination testing.
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