What is the Solo 401(k) contribution limit in 2024?

The total solo 401 (k) contribution limit is up to $69,000 in 2024. There is a catch-up contribution of an extra $7,500 for those 50 or older. To understand solo 401 (k) contribution rules, you want to think of yourself as two people: an employer (of yourself) and an employee (yes, also of yourself).

What is a solo 401(k)?

That's because solo 401 (k)s come with a little nuance. With a solo 401 (k), you can make contributions in 2 ways: as the employee and as the employer. Each portion of that equation has a different limit that adds up to that hypothetical max of $69,000, or $76,500, which includes catch-up contributions, for those 50 or older.

How much can you save in a 401(k) in 2024?

For 2024, there’s a slight increase in the amount you can save in your 401 (k) plan. For 2023, the Solo 401 (k) contribution limits are $66,000 or $73,500 if you are at least age 50. The 2024 Solo 401 (k) contribution limits will increase those totals. Here is what you can expect to see next year. What Does it All Mean?