(Han) Solo 401k

If you're self-employed and wanting to invest in a retirement account, a solo 401k is an option you might want to consider. Here are the highlights:

• These are for business owners with NO employees

• It can cover you both you and your spouse (if they earn income in your business)

• You as the employee can contribute up to $22,500 (either 100% of your comp or $22,500, whichever is less)

• Can contribute up to $66,000 for 2023 (This is for total contributions allowed acting as both the employee and employer)

• If you're over 50, can contribute an additional $6,500 per year for 2023

• You can elect for your 401(k) to be traditional (pre-tax benefit) or a Roth (post-tax benefit)

• These plans are relatively easy and low-cost to establish

Han shot first, folks (and that makes sense, just don’t tell George Lucas).