Fidelity is a well-known financial services company that offers various investment options, including retirement plans. Among their offerings is the Fidelity 401k for self-employed individuals, also known as a solo 401k. This retirement plan is designed specifically for sole proprietors or small business owners who do not have any employees, except for a spouse. The Fidelity 401k for self-employed provides individuals with an opportunity to save for retirement while enjoying certain tax advantages. It allows participants to contribute a portion of their income, both as an employee and an employer. As of 2021, individuals can contribute up to $19,500 as an employee, with an additional catch-up contribution of $6,500 for those aged 50 and above. The employer contribution can be up to 25% of the participant's compensation. One of the benefits of the Fidelity 401k for self-employed is the potential for higher contribution limits compared to other retirement plans available to individuals. This feature allows self-employed individuals to save more for retirement, which can be crucial for those without access to employer-sponsored plans. Another advantage of the Fidelity 401k for self-employed is the flexibility it offers. Participants can choose from a range of investment options to suit their risk tolerance and investment objectives. Fidelity provides access to a wide variety of mutual funds, individual stocks, bonds, exchange-traded funds (ETFs), and more. Additionally, self-employed individuals can take advantage of the option to borrow from their Fidelity 401k plan through a participant loan. This can provide a source of liquidity in times of financial need, although it is important to note that borrowing from retirement funds should be carefully considered and done sparingly. It is worth mentioning that Fidelity offers two types of self-employed 401k plans — the Individual 401k and the Roth 401k. The Individual 401k allows participants to contribute pre-tax dollars, which are taxed upon withdrawal in retirement. On the other hand, the Roth 401k enables participants to contribute after-tax dollars, allowing for tax-free withdrawals in retirement. In summary, the Fidelity 401k for self-employed is a retirement plan designed for sole proprietors and small business owners without any employees, except for a spouse. It offers higher contribution limits, investment flexibility, and the potential for tax advantages. Self-employed individuals can choose between the Individual 401k and the Roth 401k options, depending on their tax planning strategy. With Fidelity's reputation as a trusted financial services provider, individuals can feel confident in their retirement savings journey with their self-employed 401k plan.
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