I have a Roth IRA that I max out every year and a brokerage account that I put other money in. I'm a 1099 worker with 0 benefits so there's no 401k option with the company. I've heard about Solo 401k but I don't really understand it. Is Roth IRA+Brokerage the best I can do or can I optimize tax by doing other things like a 401k? Or is it not possible to have a 401k without the company?
Is a 401k important in my scenario?
byu/Known-Dragonfruit763 ininvesting
Posted by Known-Dragonfruit763
2 Comments
It depends. What tax bracket are you in?
A Solo 401k is a 1099 game changer. It allows massive contributions up to $72,000 in 2026 and includes a participant loan feature. This lets you borrow from your own savings tax free if music income dips, offering much better flexibility than a standard brokerage.