Solo 401(k)s Are Awesome! #retirement #doctor #millionaire

The mainstay of retirement savings for the self employed is what's called an individual 401k. And this is just a 401k where there's only one person in the company. Right. You can have your spouse in there as well, but that's it. Once you have more than your spouse, you got an employee beyond your spouse. You can no longer use an individual or a Solo 401. But these are awesome. If you have one of these, you should be so happy because it is a great way to save. If you make enough money, you can put $69,000 in there this year. For those under 50, you put $69,000 away every year for retirement, and you will retire a multimillionaire. The cool thing about these accounts, though, is you're in charge. You can go anywhere you want to open them up. But I actually think it's worth paying someone to set this up for you. And the reason why is if you get a customized one from some of the people we have on our recommended page. And the benefit of that is you get to choose all the investments. And so that's cool. But you can also put in some cool options. You can have a Roth option. You can allow after tax, employee and in plan conversions.