Mike MilliganFounder and CEO, 1.oak Financial · Founder and CEO, 1.oak Financial

How to Save More for Retirement

30 Apr 2026 · 1 min

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In this segment, Mike Milligan explains that solopreneurs have a unique advantage in retirement savings through a Solo 401(k) (Solo K). He highlights that a solo entrepreneur can contribute tax‑deferred funds at levels higher than typical employees, and that a married solopreneur can also include a spouse’s contribution even if the spouse isn’t employed by the business. Milligan cites the 2024 contribution ceiling of roughly $77,000 per individual, which could total about $154,000 for a married couple, emphasizing the potential for substantial tax‑advantaged wealth building for the future.

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But here's some, here's some things that most entrepreneurs don't know about. It's too late. Um, you, if you're a solopreneur, you can, you could save more money tax-deferred using a Solo K than any other employee of another company out there. And if you're a true solopreneur and you're married, even though your spouse may or may not be in the company, you can actually do, you know, a Solo K for you and your spouse through that business. So you could actually save a lot of money for your future. The number this year, I think, $77,000. So you could put away $154,000 if you're really successful and do something really cool. So that's the first thing, saving for your future to help save taxes today.