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Self employed and owner only businesses are able to apply for and open up a solo or individual 401k plan. These plans are important to help save money for the retirement of the self employed person. Apart from the saving aspect, the solo 401k plan enables the self employed person to access tax benefits due to the tax deductions and ability to borrow from the plan.

When a self employed person wants to open up a solo 401k plan, they should find an investment broker. This adviser can help outline the different options available, as well as discuss the benefits of opening up a solo 401k plan. Many self employed persons are actually unaware of a solo 401k plan, but it is growing in popularity and is certainly worthwhile.

• 401k Plan By Prudential Retirement
• Withdrawing Early from Your 401k Can Lead to Penalties
• Starting a Self Employed 401k
• Differences between 401k and roth 401k plan
• 401k Plan Issues
• Companies that Match Employee Contributions for the 401k