When you want to save for retirement but find out that your employer does not offer a 401(k), it can be disappointing. The good news is that there are 401(k) alternatives where you can put your retirement money and build considerable interest.
Go for a Solo 401(K)
Apart from an employer’s 401(k), probably the best way to save for retirement would be to create a solo 401(k)—also called a one-participant 401(k). The only requirement is you must be a business owner without any employees. More good news is that your spouse does not count as an employee.MySolo401k mentions that money you put into a solo 401(k) account must be self-earned. It can come from a limited liability company, S-corporation, C-corporation, sole proprietorship, or limited partnership, but it must be from “earned income” that you generate.
