A Solo 401(k) allows small business owners to save up to $56,000 for retirement through tax-free salary deferrals and profit-sharing. Choosing the right provider is an important part of successfully using a Solo 401(k). We’ve reviewed many Solo 401(k) providers and compare the best below, including their costs and investment options. is an experienced Solo…
About the Author
Dock David Treece
Dock David Treece is a finance writer and editor in the personal finance, insurance, and real estate investing space. Before his tenure at Fit Small Business, Dock’s professional background was deeply rooted in the securities and investment advisory industry.
As a former registered investment advisory rep and former registered securities rep, Dock advised clients with critical personal financial planning and decision-making. Dock also served on the FINRA Small Firm Advisory Board, where he assisted industry regulators in understanding the state of the industry and regulatory initiatives.
As an experienced columnist, he has provided engaging, actionable commentary on financial markets and economic developments for well-known publications like SafeHaven, GreenFaucet, and Marketwatch. His expertise has also been featured by the likes of CNBC, Forbes, and Yahoo Financial.
During his free time, Dock and his wife Kiah split their time between North Carolina—where they own their own business dealing antiques and fine art—and Tennessee where they own a small hobby farm.
10 Best 401(k) Companies 2019
401(k)s allow business owners and employees to save up to $56,000 annually through tax-free salary deferrals, matching, and profit-sharing. While all 401(k)s follow IRS rules, choosing the right provider is still very important. We’ve reviewed more than a dozen 401(k) companies and compare the 10 best below. For a low-cost, full-featured 401(k) plan that is…
ETFs: What They Are, How to Invest, & Who They’re Right For
An exchange traded fund (ETF) is a type of fund that pools together individual stocks, bonds, and other securities. ETFs allow investors to diversify their investments much more cost-effectively than trading individual stocks and bonds. Investors can also trade ETFs anytime during the day, so they’re ideal for investors who want short-term gains. What an…
Individual & Solo 401k Rules, Contribution Limits & Deadlines
A Solo 401(k) is a qualified retirement plan allowing business owners and their spouses to shelter up to $56,000-$61,000 of income from taxes each year. Solo 401(k)s are like any other 401(k) except they are lower cost and are an option for business owners with no full-time employees. is an experienced 401(k) provider that allows…
Roth IRA: Rules, Contribution Limits & Deadlines
A Roth individual retirement account (IRA) is an individual retirement account that allows investors to contribute up to $6,000 per year for retirement. Unlike traditional IRAs, Roth IRAs allow post-tax contributions that then grow tax-free and are withdrawn tax-free during retirement. Roth IRAs are ideal for tax-conscious investors who want to lessen their income tax…
6 Best Small Business Retirement Plans 2018
Retirement plans help business owners save for retirement and attract the most talented employees. There are 6 main types of small business retirement plans that allow pre-tax contributions each year by employers and/or employees. Each type differs widely, ranging from $6,000 – $56,000+ in annual contributions, with some requiring employer contributions or match. When you’re…
Safe Harbor 401(k) Plan: What it is, Contributions, & Matching Rules
A Safe Harbor 401(k) is a retirement plan allowing employers and high-earners to shelter income that would be considered “discriminatory” against employees in a standard retirement plan. Employers and high-earning employees can shelter $56,000-$62,000 per year from income tax without falling out of compliance by providing matching contributions to employees. can help small business owners…
SEP IRA Rules, Contribution Limits, & Deadlines
A SEP IRA is an employer-sponsored retirement plan allowing business owners with 0 – 5 employees defer large amounts of income. A SEP lets employers and the self-employed contribute $56,000 or 25% of their taxable income each year – $50,000 more than Traditional IRAs. To use SEPs, employers must make proportional contributions to all full-time…
SIMPLE IRA Rules, Providers, Contribution Limits & Deadlines
SIMPLE IRAs are employer-sponsored retirement plans allowing participants to save up to $26,000 pre-tax in deferrals and matching. Using a SIMPLE IRA, employers must match employee deferrals on a dollar-for-dollar basis between 1% – 3%. To use a SIMPLE IRA, employers must implement their plan before October 1 of the year it becomes effective. How…
SEP IRA vs SIMPLE IRA: How to Choose the Right Plan 2018
Business owners comparing a SEP IRA vs SIMPLE IRA will find that each has unique benefits and works better in certain circumstances. SEPs have higher contribution limits ($56,000) but require employers to fund all employee contributions. SIMPLE IRAs allow employee deferrals up to $13,000 and require employers to match 1% – 3% of compensation. 401(k)…
Free SEP IRA Calculator
How to Read Your SEP IRA Calculator Results Suggested Employer SEP IRA Contribution: Your suggested contribution should be the same as the desired amount that you input unless your desired contribution exceeds 25 percent of income or $55,000. If your income is too low, your desired contribution may be too high. If your suggested…
Keogh Plan: Contribution Limits, Rules & Deadlines
A Keogh plan is a qualified retirement plan that allows self-employed individuals up to $56,000 per year in tax-deductible contributions. Keogh plans have largely been replaced by alternatives, including SEP IRAs and Solo 401(k)s, because tax laws now allow business owners who used to use Keoghs to use other plans instead. What a Keogh Plan…