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The Truth About Personal Finance (Collection) by Kay S. Bell, Steve Weisman

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Truth 37. Individual 401(k)

The newest choice in the arsenal of tax-advantaged retirement investment programs is the Individual 401(k), sometimes known as the Solo 401(k), named after its sponsor Napoleon Solo, the hero of the ‘60s television show, The Man from U.N.C.L.E. All right, it isn’t really named after Napoleon Solo, but it should have been. The Individual 401(k) was a product of the Economic Growth and Tax Relief Reconciliation Act of 2001 that goes by the imposing and difficult-to-pronounce acronym, EGTRRA.

An Individual 401(k) is a terrific retirement tool that is limited to self-employed people who are running businesses with no employees other than themselves or their spouses. Partners are also permitted to use the ...

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