The mechanics of a Solo 401k are fairly straightforward. If you’re earning income as an independent contractor, you’re eligible to create this type of retirement account. Basically, you’re creating a retirement plan for your own independent business. There are two parts to it – the employer part and the employee part. As an independent contractor, you’re basically both the boss and the employee of your own little business.
The Solo 401k: The Side Hustler’s Bonus Retirement Account
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