Set up a Solo 401(k)
If you are self-employed you can actually start a 401(k) plan for yourself as a solo participant. In this situation, you would be both the employee and the employer, meaning you can actually put more into the 401(k) yourself because you are the employer match!
Keeping this in consideration, can self-employed contribute to 401k?
The highlight of the self–employed 401(k) is the ability to contribute to the plan in two ways. … Self–employed 401(k) contributions may also make you eligible for added tax breaks. If your business is not incorporated, you can generally deduct contributions for yourself from your personal income.
One may also ask, is SEP IRA the same as 401k?
Key Takeaways. SEP IRAs and solo 401(k)s both allow small business owners to establish retirement accounts for their employees. SEP IRAs are funded by employer contributions alone. Solo 401(k)s allow both employer and employee contributions.