Solo 401(k)s allow self-employed workers to save for retirement, acting as both employee and employer. Self-employed individuals can contribute up to $69,000 in 2024, increasing to $70,000 in 2025.

Companies of any size with more than one employee can open a 401(k) and experience savings of up to $995 in setup costs, and self-employed and owner-only shops with no employees can open a Solo ...