{"id":1828,"date":"2026-05-14T14:29:37","date_gmt":"2026-05-14T14:29:37","guid":{"rendered":"https:\/\/secure.eplanservices401k.com\/marketing\/?post_type=article&p=1828"},"modified":"2026-05-14T14:30:42","modified_gmt":"2026-05-14T14:30:42","slug":"self-employed-understanding-your-retirement-savings-options","status":"publish","type":"article","link":"https:\/\/secure.eplanservices401k.com\/marketing\/article\/self-employed-understanding-your-retirement-savings-options\/","title":{"rendered":"Self Employed? Understanding Your Retirement Savings Options"},"content":{"rendered":"\n

If you\u2019re self-employed, you likely have big goals for the future of your business. But what about your own future?<\/p>\n\n\n\n

Retirement savings for freelancers, sole proprietors, gig workers, and small business owners can look different than it would under traditional employment. You don\u2019t have access to an employer-sponsored account, so you need to take your retirement savings plans into your own hands.<\/p>\n\n\n\n

This guide will help you understand your options.<\/p>\n\n\n\n

Retirement Account Options for the Self Employed<\/h2>\n\n\n\n

There are several types of retirement accounts available for those working for themselves. The right plan for you will depend on your unique financial and business needs. <\/p>\n\n\n\n

For complete information about these retirement account types, visit the <\/em>IRS website<\/em><\/a><\/p>\n\n\n\n

Solo 401(k)<\/h3>\n\n\n\n

A solo 401(k)<\/a>, also called an individual 401(k) or one-participant 401(k), is a retirement account available for self-employed individuals and their spouses.<\/p>\n\n\n\n

Solo 401(k)s typically have higher contribution limits than individual retirement accounts (IRAs), allow for tax-deductible contributions, and are available for your spouse as well (if they receive income from your business). You can choose to make traditional or Roth contributions to a solo 401(k), and you also have the option to take a loan from the account when needed.<\/p>\n\n\n\n

Solo 401(k)s are often a favorable option for retirement savings, since account holders can contribute as both the employer and employee, making employer contributions of up to 25% of your total compensation.<\/p>\n\n\n\n

This account type is also easy to set up, requiring minimal paperwork. Solo 401(k)s are typically exempt from ERISA compliance testing.<\/p>\n\n\n\n

Quick Facts<\/h4>\n\n\n\n
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  • Main Benefit: <\/strong>Higher contribution limits than IRA, long-term tax-deferred  compounding<\/li>\n\n\n\n
  • 2026 Contribution Limit: <\/strong>$24,500 (Under 50); catch-up contributions of $8,000 (age 50-59, 64+) and $11,250 (age 60-63) permitted<\/li>\n\n\n\n
  • Income Limit: <\/strong>None<\/li>\n\n\n\n
  • Tax Benefits: <\/strong>Contributions can be tax deductible, optional tax-free Roth growth, options for personal and business tax reduction<\/li>\n<\/ul>\n\n\n
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    Start building your future<\/h2>

    By opening an ePlan Services Solo 401(k), you can save more and reduce your taxable income by over $20,000 per year. Reach out to our team to set up your account in 24 hours.<\/p><\/div>