Calculate your maximum contribution and project your retirement growth with a Solo 401(k)—one of the most powerful retirement tools for the self-employed.
Income & Status
Max Contribution
Max Total Contribution$43,000Annual Total Limit
Limit Breakdown
Projected Legacy
$1,762,806
In 20 Years
Overview
Calculate your maximum contribution and project your retirement growth with a Solo 401(k)—one of the most powerful retirement tools for the self-employed.
💡
Pro Tips
What is a Solo 401(k)?: A Solo 401(k) is a traditional 401(k) plan for a business owner with no employees (other than a spouse). It allows you to contribute as both the employer and the employee, leading to much higher total limits.
How much can I contribute?: For 2024, as an employee, you can contribute up to $23,000 ($30,500 if 50+). As an employer, you can contribute up to 25% of compensation. The total combined limit is $69,000 ($76,500 if 50+).
Can my spouse participate?: Yes! If your spouse works in the business, they can contribute the same amounts as you, effectively doubling the household contribution limit.
!
Fun Facts
"Solo 401(k)s often allow for 'Roth' contributions, which SEP IRAs do not (typically)."
"You can often take a loan from your Solo 401(k) plan, similar to a corporate 401(k)."
"The 'Mega Backdoor Roth' strategy is sometimes possible with specifically designed Solo 401(k) plans."
