Solo 401(k)
A solo 401(k) is like a piggy bank that adults use to save up money for when they retire.
When you have a job, your boss may take some money out of your paycheck every week or every month and put it into a retirement piggy bank called a 401(k). But if you have your own job or your own business, you can also have a 401(k) just for yourself, and it's called a solo 401(k).
When you have a solo 401(k), you can put some of your own money into the piggy bank every year, up to a certain amount. This helps you save money for when you're older and no longer working.
The cool thing about a solo 401(k) is that you can choose where to invest the money in your piggy bank. Maybe you want to put some of it in stocks or bonds, or maybe you want to invest in real estate. You get to decide!
Another cool thing is that when you put money into your solo 401(k), you don't have to pay taxes on it right away. You only have to pay taxes when you take the money out of the piggy bank, when you're retired and don't have as much money coming in.
So, having a solo 401(k) is like having a special piggy bank just for you, where you can save up money for when you're an adult and don't want to work anymore. And it's a great way to get a head start on saving for your future!
When you have a job, your boss may take some money out of your paycheck every week or every month and put it into a retirement piggy bank called a 401(k). But if you have your own job or your own business, you can also have a 401(k) just for yourself, and it's called a solo 401(k).
When you have a solo 401(k), you can put some of your own money into the piggy bank every year, up to a certain amount. This helps you save money for when you're older and no longer working.
The cool thing about a solo 401(k) is that you can choose where to invest the money in your piggy bank. Maybe you want to put some of it in stocks or bonds, or maybe you want to invest in real estate. You get to decide!
Another cool thing is that when you put money into your solo 401(k), you don't have to pay taxes on it right away. You only have to pay taxes when you take the money out of the piggy bank, when you're retired and don't have as much money coming in.
So, having a solo 401(k) is like having a special piggy bank just for you, where you can save up money for when you're an adult and don't want to work anymore. And it's a great way to get a head start on saving for your future!
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