Solo 401k Contribution Deadlines

Shawn Plummer

CEO, The Annuity Expert

Solo 401k Contribution Deadlines For 2023

Employees’ solo 401k contribution deadline is December 31, 2023. However, employer profit-sharing contributions are generally accepted until your tax-filing deadline for the tax year.

What is a solo 401k plan?

A solo 401k is a type of 401k for small business employers with no employees.

Solo 401k contribution limits

In 2023, the maximum amount you can contribute to a solo 401k is $66,000. In 2024, it will be $69,000. There is also a catch-up provision of $7,500 for those aged 50 and above.

Max Contributions

Contribution Type20232024
As Employee$22,500$23,000
Over age 50Additional $7,500Additional $7,500
As EmployerUp to 25% of CompensationUp to 25% of Compensation
Total Contribution$66,000 MAX$69,000 MAX

Solo 401k Contribution Limits For A Spouse

The IRS allows one exception to the no-employees rule. So if your spouse earns income from your business, you can let them be employees and put money into a solo 401k.

Contribution Type20232024
Spousal Employee$22,500$23,000
Over age 50Additional $6,500Additional $7,500
The EmployerUp to 25% of CompensationUp to 25% of Compensation
Total Contribution$66,000 MAX$69,000 MAX

Reasons To Contribute To An Annuity Rather Than a Solo 401k

1. Guaranteed Income Stream

2. Tax-Deferred Growth

  • Like a Solo 401(k), annuities offer tax-deferred growth, allowing your investment to grow without immediate tax implications.

3. No Annual Contribution Limits

  • Unlike Solo 401(k)s, which have annual contribution limits, annuities typically do not have such restrictions, allowing for more significant investment.

4. Flexibility in Payment Options

5. Potential for Fixed Returns

6. Estate Planning Benefits

7. No Required Minimum Distributions (RMDs)

8. Additional Riders and Benefits

9. Suitable for Non-Business Owners

  • Annuities are accessible to individuals who are not business owners, unlike Solo 401(k)s, which are designed specifically for self-employed individuals.
Solo 401K Contribution

Solo 401(K) Vs. Annuity: A Comparison

AnnuitySolo 401k
No Contribution LimitsLimited Contributions
Insurance or Investment ProductsInvestment Products
Guarantee on InvestmentNo Guarantee on Investment
Tax-Deferred or Tax-Free GrowthTax-Deferred Growth
Pass Down to BeneficiariesPass Down to Beneficiaries
Spousal ContinuanceSpousal Continuance
Market Volatility ProtectionCould Lose Money
Guaranteed lifetime IncomeCould Run Out of Money


Choosing between an annuity and a Solo 401(k) depends on individual financial goals, the desire for guaranteed income, and investment flexibility. Annuities offer unique benefits that can be more suitable for certain retirement strategies.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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