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
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