Self-Directed 401(k) Plans
Retirement solutions for business owners and self-employed individuals
What is a Self-Directed 401(k)?
A self-directed 401(k), also known as a Solo 401(k), is designed for self-employed individuals and business owners with no employees (except a spouse).
This powerful retirement tool combines the benefits of traditional 401(k) plans with the flexibility to invest in alternative assets. You can contribute more annually compared to IRAs and have greater control over your retirement investments.
2024 Contribution Limits
Maximize your retirement savings with higher contribution limits
Employee Contribution
$23,000
Salary deferral limit for 2024
Employer Contribution
$46,000
Profit sharing limit (additional)
Total Maximum Contribution
$69,000
Combined employee + employer contributions for 2024
Catch-Up Contribution: If you're 50 or older, you can contribute an additional $7,500 in employee deferrals, bringing your total potential to $76,500.
Key Benefits
Higher Contributions
Contribute up to $69,000 annually (or $76,500 with catch-up), significantly more than traditional IRAs.
Loan Provisions
Borrow up to $50,000 or 50% of your account balance for personal use without penalties.
Creditor Protection
401(k) assets receive federal bankruptcy protection under ERISA regulations.
Roth Options
Make both Traditional and Roth contributions within the same plan for tax diversification.
Alternative Investments
Invest in real estate, precious metals, private equity, and other alternative assets.
Spouse Participation
Your spouse can participate and contribute, potentially doubling your household retirement savings.
Who Qualifies?
Self-Employed Individuals
Freelancers, consultants, independent contractors, and sole proprietors.
Business Owners
Owners of businesses with no full-time employees (except a spouse).
Partnerships
Each partner can establish their own Solo 401(k) for their respective self-employment income.
Not Eligible
Businesses with full-time employees (other than a spouse) do not qualify for Solo 401(k) plans.
How It Works
Simple steps to establish your Solo 401(k)
Verify Eligibility
Confirm you're self-employed or a business owner with no full-time employees.
Open Account
Complete the application and establish your Solo 401(k) with Westcarriage.
Fund Account
Transfer funds from existing retirement accounts or make new contributions.
Start Investing
Begin investing in your choice of traditional or alternative assets.
Ready to Maximize Your Retirement Savings?
Open your Solo 401(k) today and take advantage of higher contribution limits