The Solo 401(k) also known as an Indy K or Individual 401(k), is the new king of self-employed retirement plans. The cost to open and maintain a small business 401(k) has dropped drastically over the past few years. 2019 Solo 401(K) Contribution Limits as an Employee:For a Solo 401(k) plan you can contribute $19,000 in 2019 an employee of your business. The Math is Simple, Solo 401(k) is KingWhether you open a SEP IRA or Solo 401(k) you have essentially the same contribution limits as an employer. When SEP IRA is the best choice:If you are a procrastinator, the deadlines to open a Solo 401(k) and a SEP IRA are not the same.

Source: Forbes May 08, 2019 12:00 UTC