Solo 401(k) plans are a great thing, have had one for almost 20 years. The problem with them is that a lot of sole proprietors don’t know they exist and they’ve been around for over 20 years. I had a discussion with a friend of mine about a business that didn’t even know such a savings vehicle exists and still relies on a SEP. The biggest knock that I have with Solo 401(k) plans is the lack of support. You go to a brokerage firm to open up and for the most part, they leave you to die. I still that Solo 401(k) plans are an attractive market for Pooled Employer Plans and I still approve of that message.
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