Solo 401(k) ‘one of the best-kept secrets’ for the self-employed

After graduating in May from the Tepper School of Business at Carnegie Mellon University, 28-year-old Stephen Morse established his own financial advising firm in Scott.

Being his own boss, Mr. Morse has no access to the traditional company 401(k) plans offered by many corporations to their employees, but he plans to take advantage of a little-known retirement saving option for self-employed individuals called a Solo 401(k).

“This allows me to benefit from the same tax-deferred growth and tax-deductible contributions as anyone with access to a corporate 401(k) program,” Mr. Morse said. “I plan to max out my contributions every year.”

 

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