When you are a small business owner, every penny counts. You are careful about where your money goes and you want to keep as much of it in your own pocket as possible. This is why a solo 401k plan is becoming more and more popular with self-employed individuals. It allows them to use the solo 401k contribution limits to save much more toward their retirement than other types of retirement accounts. The contribution limits of an individual 401k is the primary reason why small business owners choose a 401k over an IRA or other type of retirement plan, but only self-employed individuals who have no full-time employees other than their spouse … [Read more...]