Maximizing Your Retirement Savings: A Guide to the fidelity solo 401k

If you're self-employed or own a small business, have you considered a fidelity solo 401k to maximize your retirement savings? This plan allows you to contribute as both the employee and employer, with higher contribution limits than traditional IRAs and Simple IRAs. With the fidelity solo 401k, you can contribute up to $58,000 in 2021, or $64,500 if you're 50 years old or older and qualify for catch-up contributions.

Not only can you save more, but the fidelity solo 401k also allows for tax-deferred growth on your investments. Plus, you have access to a wide range of investment options through Fidelity's platform, including mutual funds, ETFs, and individual stocks.

It's important to note that the fidelity solo 401k has some eligibility requirements, such as being self-employed with no full-time employees (other than a spouse) or owning a small business with part-time employees who are not eligible for the plan.

If you meet these requirements, the fidelity solo 401k can be a great tool for maximizing your retirement savings. Talk to your financial advisor or visit Fidelity's website to learn more about this plan and how it can benefit your financial future.

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