{"id":172,"date":"2023-08-21T18:06:44","date_gmt":"2023-08-21T18:06:44","guid":{"rendered":"http:\/\/eplapprw11.paychex.com\/blogtest\/?post_type=article&#038;p=172"},"modified":"2025-11-03T20:16:23","modified_gmt":"2025-11-03T20:16:23","slug":"can-a-freelancer-have-a-401k","status":"publish","type":"article","link":"https:\/\/secure.eplanservices401k.com\/marketing\/article\/can-a-freelancer-have-a-401k\/","title":{"rendered":"Can a Freelancer Have a 401(k)?"},"content":{"rendered":"\n<p>As a freelancer, you\u2019re operating as a solo business. Running your own operation shouldn\u2019t mean sacrificing your retirement savings. Exploring your retirement options as sole proprietor can help you plan for your future security.<\/p>\n\n\n\n<p>If you\u2019ve been questioning which retirement option is right for your one-person business, you have options. While you should speak with a financial advisor and do your own research, a solo 401(k) plan, also known as an individual 401(k) plan, may be an appealing retirement account.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Who is eligible for a solo 401(k)?<\/h2>\n\n\n\n<p>Qualifying for a solo 401(k) is simple. The only requirement is that you are a sole proprietor with no employees. You may also qualify if you and your spouse run a business together.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What should I consider when establishing a 401(k)?<\/h2>\n\n\n\n<p>If you decide to scale up by hiring additional employees later, a solo 401(k) plan may no longer be suitable for your business because you will no longer meet the eligibility requirements. However, if you\u2019re a small business owner with no employees, there are many benefits to adopting a solo 401(k) plan, including but not limited to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Tax Breaks:<\/strong> Allows you to select from a Roth or traditional plan type.\n<ul class=\"wp-block-list\">\n<li><strong>Traditional:<\/strong> Allows solo business owners to defer tax payments on contributions until the time of withdrawal.<\/li>\n\n\n\n<li><strong>Roth:<\/strong> Taxes from contributions are deducted immediately, so you won\u2019t have to pay any taxes at the time of withdrawal as long as certain conditions are met.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Loan Options:<\/strong> The solo 401(k) option lets small business owners with no employees take loans from their 401(k) before retirement. This is a perk that isn\u2019t offered by some other plan types.<\/li>\n\n\n\n<li><strong>Simple Paperwork:<\/strong> For a sole proprietor, the solo 401(k) plan setup is simple because it is designed for only the business owner, not a larger corporation.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">How do you establish a solo 401(k)?<\/h2>\n\n\n\n<p>To establish a solo 401(k), you\u2019ll need a plan provider. Once you contact your chosen provider, make sure to have your necessary business information on hand.<\/p>\n\n\n\n<p>ePlan Services makes establishing our Solo(k) plan a simple process, providing clients with smooth setup and access to a dashboard where you can view all your documents at a glance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What are the solo 401(k) contribution limits?<\/h2>\n\n\n\n<p>In 2023, business owners may contribute up to $66,000 to their solo 401(k) plans. The catch-up contribution for those aged 50 or older is $7,500 per year. With a solo 401(k), you can make separate contributions based on the roles of employee and employer. In this instance, the contribution limits apply differently to employee and employer contributions.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Employee:<\/strong> If you are contributing as an employee, your contribution limit is $22,500 or 100% of your compensation depending on which is less as of the year 2023.<\/li>\n\n\n\n<li><strong>Employer:<\/strong> As an employer, you can contribute up to 25% of your total compensation or net self-employment income. The maximum compensation that is used to factor your contribution is $330,000 in 2023.<\/li>\n<\/ul>\n\n\n\n<p>It\u2019s important to note that if you have another job and you participate in a separate employer-sponsored 401(k) plan, these limits pertain to all your retirement accounts, not just your solo 401(k) plan.<\/p>\n\n\n\n<p>As a freelancer, you have options. Plan for your future by establishing an ePlan Solo(k) plan today. We\u2019ll make the process quick and easy, so you can focus on what\u2019s really important: your business.<\/p>\n\n\n\n<p>For help getting started, contact an ePlan retirement sales consultant today at sales@eplanservices.com. Our knowledgeable professionals are glad to help.<\/p>\n\n\n","protected":false},"featured_media":1889,"template":"","categories":[10,11],"tags":[],"class_list":["post-172","article","type-article","status-publish","has-post-thumbnail","hentry","category-article","category-for-individuals"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Can a Freelancer Have a 401(k)? - ePlan Services<\/title>\n<meta name=\"description\" content=\"When you&#039;re self employed, you don&#039;t have to miss out on retirement options. Learn more about which 401(k) accounts might be right for you.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/secure.eplanservices401k.com\/marketing\/article\/can-a-freelancer-have-a-401k\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Can a Freelancer Have a 401(k)? - ePlan Services\" \/>\n<meta property=\"og:description\" content=\"When you&#039;re self employed, you don&#039;t have to miss out on retirement options. 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