If you don’t have any employees, you can look at investing in a solo 401(k), which is really just a one- woman 401(k), but one that you control. If you work for yourself and you’re killing it, you should look at this as a great retirement vehicle for yourself. You control the costs and the investment options. But they are more advantageous than a regular 401(k) because there is a far higher contribution limit. In addition to the $18,000 you can invest annually as an employee— the same limit you’d have in a regular 401(k)— as an employer you can add matching funds up to 25% of your compensation for a total of up to $53,000 in 2016. So you’re reaping both the employee and employer benefits for yourself (and your spouse, if you have one).
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A simple 12-step plan to leap over the wealth gap once and for all.
