A traditional 401(k) is one that you are able to get when you work for an employer. The employer can offer this to anyone who works for them and may even do an employee match so that you can make more on your money at the same time. But what happens when you are a business owner and would like to be able to set up a retirement account, but you do not have an employer who can set it up for you? That is when you need a solo 401(k) to help you out.

The good news is that there are a few choices that you can make when it comes to choosing a solo 401(k) for your needs. You can start either with the traditional 401(k), which is where you will make your contributions before taxes, reducing the amount of taxes that you pay right now, but you will have to pay when you withdraw the money during retirement. Or you can do a solo Roth IRA. This is where the contributions will be made with your after-tax dollars. You won’t get a reduction in taxes right now, but you can take everything out later without worrying about the taxes.

You may have known that there are a ton of companies that have 401(k) plans available to their employees. But it works a bit differently when you are the owner. With the solo 401(k), you can make contributions as an employee and as the employer. This can help you to make some deductions on your tax return while also maximizing your retirement contributions as much as possible. This allows you to get more out of your money and allows you motivation to get savings done as quickly as possible.

There are a few different rules that you need to follow to make the solo 401(k) work, so it is a good idea to talk to your tax professional to learn more and figure out what makes the most sense for all your needs. They will be able to take a look at your business and finances and give you advice to help not only grow your retirement now and in the future, but will prepare you for taking care of your finances and even reducing the amount you owe during tax season this year.

As you are looking into some of the different 401(k) and retirement plans that are available for you to choose from, you will need to search for the right apartment as well. That is where our apartments near downtown Denver can make the most sense for you. These apartments are comfortable, come with all of the amenities that you could need, and so much more. Come and take a tour of some of our amazing units today.