Best solo 401(k) for freelancers in 2026

Last updated October 2026

This content is for informational purposes only and does not constitute financial, tax, or investment advice. Consult a qualified financial advisor or tax professional before making decisions about retirement accounts. Product details, fees, and features may change; verify current information directly with each provider.

If you freelance, consult, or run a one-person business, a solo 401(k) is one of the most powerful retirement savings vehicles available to you. Also called an individual 401(k) or one-participant 401(k), this plan lets you contribute as both the employer and the employee, which means dramatically higher contribution limits than a traditional or Roth IRA. For 2026, the combined contribution limit can reach $69,000, or $76,500 if you are 50 or older.

The catch is that not every brokerage or provider offers a solo 401(k), and the ones that do vary widely in what they allow. Some restrict you to a basic set of mutual funds. Others open the door to alternative investments, Roth contributions, or even checkbook control over your plan assets. The right provider depends on how much you plan to contribute, what you want to invest in, and how much complexity you are willing to manage.

We evaluated the leading solo 401(k) providers across fees, investment flexibility, Roth options, ease of setup, and features that matter specifically to freelancers and solopreneurs. Here are the five that stand out in 2026.

Carry

A modern solo 401(k) built from the ground up for the self-employed

Carry is a newer entrant in the solo 401(k) space, and it has quickly become one of the most talked-about options among freelancers, solopreneurs, and independent contractors. Where traditional brokerages treat the solo 401(k) as an afterthought within a much larger product lineup, Carry has made it the entire focus of the platform.

Contributions and tax strategy

Roth and traditional contributions are both supported. You can split your contributions between pre-tax (traditional) and after-tax (Roth) as you see fit, giving you flexibility to manage your tax burden year by year. This is particularly useful for freelancers whose income can fluctuate significantly from one year to the next.

Mega backdoor Roth is available. This is a strategy that allows you to contribute beyond the standard employee deferral limit by making after-tax contributions and then converting them to Roth. Very few solo 401(k) providers support this, and for high-earning freelancers it can be a meaningful way to accelerate tax-free retirement savings. Carry supports this out of the box, which sets it apart from most competitors.

Investment options

Alternative investments are a core feature. Carry allows you to invest your solo 401(k) funds in asset classes that most traditional brokerages restrict or prohibit entirely within retirement accounts. This includes cryptocurrency, real estate, private equity, and other non-traditional assets. If you want your retirement portfolio to go beyond stocks, bonds, and mutual funds, Carry is one of the few providers that makes this straightforward.

Checkbook control gives you direct access to plan funds. With checkbook control, your solo 401(k) gets its own bank account, and you can write checks or wire funds directly from the plan to make investments. This removes the middleman and lets you act quickly on investment opportunities, which is especially valuable for time-sensitive alternative investments like real estate deals or private placements.

Who Carry is best for

Carry is the strongest choice for freelancers who want maximum flexibility in how they invest their retirement savings. If you are interested in crypto, real estate, or private equity within a tax-advantaged account, or if you want to take advantage of the mega backdoor Roth strategy, Carry is purpose-built for those use cases. The platform is designed for self-employed individuals rather than being a generic brokerage that happens to offer a solo 401(k), and that focus shows in the experience.

Fidelity

A zero-fee solo 401(k) from one of the largest brokerages in the country

Fidelity has long been one of the most popular choices for solo 401(k) plans, and for good reason. The plan comes with no account fees, no setup fees, and no minimum balance requirements. For freelancers who want a reliable, low-cost option from a well-established institution, Fidelity is hard to overlook.

Contributions and tax strategy

Both traditional and Roth contributions are available. Fidelity was one of the earlier major brokerages to add Roth contributions to its solo 401(k) offering, and the implementation is clean. You can make pre-tax deferrals, Roth deferrals, or a combination of both within the same plan.

Employer contributions are straightforward to set up. As a self-employed individual, you can make profit-sharing contributions on top of your employee deferrals. Fidelity walks you through the calculations and makes it relatively simple to maximize your total contributions each year.

Investment options

The investment selection is broad. You have access to Fidelity's full range of mutual funds, index funds, ETFs, individual stocks, and bonds. Fidelity's own zero-expense-ratio index funds (the ZERO funds) are available within the solo 401(k), which means you can build a diversified portfolio with no ongoing fund fees at all. This is a significant advantage for cost-conscious freelancers.

Research and educational tools are strong. Fidelity provides extensive market research, screening tools, and retirement planning calculators. If you prefer to manage your own investments but want access to professional-grade research, Fidelity delivers here.

Who Fidelity is best for

Fidelity is the best option for freelancers who want a traditional solo 401(k) with no fees and a wide selection of conventional investments. If you are comfortable with stocks, bonds, ETFs, and mutual funds and do not need alternative investment options, Fidelity offers one of the most cost-effective and well-supported plans available. The zero-fee structure means every dollar you contribute goes to work for you rather than being eroded by account maintenance charges.

Charles Schwab

A robust solo 401(k) backed by a strong trading platform and research tools

Charles Schwab offers a solo 401(k) with no account fees, no setup fees, and no minimum balance requirements. Schwab has built a reputation for strong customer service and a polished trading platform, and those strengths carry over to its retirement account offerings.

Contributions and tax strategy

Traditional contributions are the primary option. Schwab's solo 401(k) supports pre-tax employee deferrals and employer profit-sharing contributions. You can make the full range of contributions allowed under IRS rules for solo 401(k) plans.

Roth contributions may have limitations. Schwab's solo 401(k) Roth availability has been more limited compared to some competitors. Check directly with Schwab for the most current details on Roth deferral options within their solo 401(k), as offerings in this area have been evolving.

Investment options

The trading platform is excellent. Schwab's thinkorswim platform (acquired through the TD Ameritrade merger) is one of the most capable trading platforms available to individual investors. If you are an active trader who wants to manage your retirement account with the same tools professionals use, Schwab is a strong fit.

Research tools are extensive. Schwab provides in-depth market analysis, stock screeners, ETF research, and portfolio analysis tools. The Schwab Intelligent Portfolios service can also provide automated investment management if you prefer a more hands-off approach.

Commission-free trading covers stocks and ETFs. You can buy and sell stocks and ETFs without paying trading commissions, which keeps costs low for actively managed portfolios.

Who Charles Schwab is best for

Schwab is the best choice for freelancers who are active investors and want a powerful trading platform for their retirement account. If you value research tools, charting capabilities, and a sophisticated trading interface, Schwab delivers one of the best experiences in the industry. The platform is well suited for self-directed investors who want full control over their portfolio and the tools to make informed decisions.

Vanguard

The low-cost index fund pioneer with a solo 401(k) focused on long-term, passive investing

Vanguard invented the index fund and has spent decades building a reputation as the champion of low-cost, long-term investing. The firm offers a solo 401(k) that gives you access to Vanguard's renowned family of index funds and ETFs, making it a natural choice for freelancers who believe in the power of passive investing.

Contributions and tax strategy

Traditional and Roth contributions are both supported. Vanguard's solo 401(k) allows you to make pre-tax deferrals, Roth deferrals, and employer profit-sharing contributions. This gives you the flexibility to choose the tax treatment that works best for your situation each year.

The plan document and administration are handled by Vanguard. Vanguard provides the plan documents and handles much of the administrative burden, though you are still responsible for filing Form 5500 once your plan assets exceed $250,000.

Investment options

Access to Vanguard funds is the primary draw. You can invest in Vanguard's full lineup of mutual funds and ETFs, including their Target Retirement funds, Total Stock Market Index Fund, and other broadly diversified options. Vanguard's expense ratios are among the lowest in the industry, which means more of your money compounds over time rather than being consumed by fees.

There is an account fee to be aware of. Vanguard charges a $20 annual fee per fund for accounts with balances below $50,000. This fee is waived once your balance crosses that threshold, but it is worth factoring into your decision if you are just getting started and your account balance is still small. For a portfolio holding three or four funds, that is $60 to $80 per year in fees until you reach $50,000.

Who Vanguard is best for

Vanguard is the ideal choice for freelancers who subscribe to a buy-and-hold, index-fund philosophy. If you want to set up your solo 401(k), invest in a few low-cost index funds, and leave it alone for decades, Vanguard is built for that approach. The fund expense ratios are among the lowest available anywhere, and the company's ownership structure (Vanguard is owned by its funds, which are owned by their shareholders) aligns the firm's incentives with yours. Just be aware of the per-fund annual fee if your account balance is starting small.

E*TRADE (Morgan Stanley)

A solo 401(k) with Roth options, a polished mobile app, and no account minimums

E*TRADE, now part of Morgan Stanley, offers a solo 401(k) that combines a clean user experience with solid features for freelancers and self-employed individuals. The platform is known for its mobile app, which is among the best in the brokerage industry, and for making account management intuitive even for people who are not full-time investors.

Contributions and tax strategy

Roth contributions are available. E*TRADE's solo 401(k) supports both traditional (pre-tax) and Roth (after-tax) employee deferrals, along with employer profit-sharing contributions. This gives you full flexibility to choose your tax strategy and adjust it as your freelance income changes year to year.

No account minimums lower the barrier to entry. You can open and fund an E*TRADE solo 401(k) with any amount, which makes it accessible for freelancers who are early in their careers or whose income is still growing.

Investment options

The investment selection covers the essentials. You have access to stocks, bonds, ETFs, mutual funds, and options within your solo 401(k). E*TRADE offers a solid selection of commission-free ETFs and no-load mutual funds, which helps keep your ongoing costs low.

The mobile app is a standout. ETRADE's Power ETRADE mobile app is one of the most capable and well-designed trading apps available. If you want to check on your retirement account, make trades, or review your portfolio from your phone, E*TRADE provides a better mobile experience than most competitors.

Morgan Stanley research is increasingly integrated. Since the acquisition by Morgan Stanley, E*TRADE has been gradually incorporating Morgan Stanley's research and insights into the platform. This gives solo 401(k) holders access to institutional-quality research that was previously available only to Morgan Stanley's wealth management clients.

Who E*TRADE is best for

ETRADE is the best choice for freelancers who value a polished digital experience and want to manage their retirement account primarily through a mobile app. If ease of use and a modern interface are priorities for you, ETRADE delivers one of the smoothest experiences in the solo 401(k) space. The combination of Roth options, no minimums, and strong mobile tools makes it particularly appealing for younger freelancers or those who prefer to manage their finances on the go.

How to choose the best solo 401(k) for your freelance business

Selecting a solo 401(k) provider is a decision that will affect your retirement savings for years or even decades, so it is worth thinking carefully about what matters most to you.

Start with fees. For a straightforward solo 401(k) invested in index funds and ETFs, fees should be minimal. Fidelity, Schwab, and E*TRADE all offer plans with no account fees and no minimums. Vanguard charges a per-fund fee for smaller accounts, but waives it at $50,000. Carry's fee structure is designed around the additional features it provides, such as alternative investments and checkbook control.

Consider your investment philosophy. If you are a passive investor who wants to buy index funds and hold them for the long term, Vanguard and Fidelity are natural fits. If you are an active trader who wants a powerful platform, Schwab is hard to beat. If you want to invest in alternatives like crypto, real estate, or private equity within your 401(k), Carry is the clear leader.

Think about Roth contributions. If having the option to make Roth (after-tax) contributions is important to you, verify that the provider you choose fully supports Roth deferrals within the solo 401(k). Fidelity, E*TRADE, and Carry all offer this. For the mega backdoor Roth strategy specifically, Carry is one of the few providers that supports it.

Evaluate the user experience. Some freelancers want to set up their plan once and check in quarterly. Others want to actively manage their portfolio from their phone. E*TRADE has the strongest mobile experience, while Schwab offers the most capable desktop trading platform. Consider how you prefer to interact with your retirement account and choose accordingly.

Factor in future growth. Your freelance business may grow, and your retirement planning needs will grow with it. Consider whether the provider you choose today can scale with you. If you might eventually want to hire employees, you will need to transition to a different type of plan, and some providers make that transition smoother than others.

Do not overlook plan administration. All solo 401(k) plans require some paperwork, including filing Form 5500 with the IRS once your plan assets exceed $250,000. Some providers offer more support with this administrative burden than others. If plan administration feels overwhelming, look for a provider that offers guidance or tools to help you stay compliant.

For freelancers exploring broader retirement planning strategies beyond the solo 401(k), our guide to the best retirement plan for self-employed individuals compares SEP IRAs, SIMPLE IRAs, and other options that may complement or serve as alternatives to a solo 401(k). If you are also setting up the financial infrastructure for your freelance business, you may find our comparisons of the best business bank account for startups and best fintech for small business helpful as well.

Frequently asked questions

What is a solo 401(k)?

A solo 401(k), also called an individual 401(k) or one-participant 401(k), is a retirement savings plan designed for self-employed individuals and business owners with no full-time employees other than a spouse. It functions like a traditional employer-sponsored 401(k) but is structured for businesses of one. You can contribute as both the employer and the employee, which allows for significantly higher contribution limits than an IRA.

How much can I contribute to a solo 401(k) in 2026?

For 2026, you can contribute up to $23,500 as an employee deferral (or $31,000 if you are 50 or older). On top of that, you can make employer profit-sharing contributions of up to 25% of your net self-employment income. The total combined limit for both employee and employer contributions is $69,000 (or $76,500 for those 50 and older). These limits are subject to annual IRS adjustments.

Can I have both a Roth IRA and a solo 401(k)?

Yes. A solo 401(k) and a Roth IRA are separate accounts with separate contribution limits. You can contribute to both in the same year, provided you meet the income eligibility requirements for the Roth IRA. This combination can be a powerful strategy for maximizing your tax-advantaged retirement savings.

What is the difference between a solo 401(k) and a SEP IRA?

Both are retirement plans for self-employed individuals, but they differ in key ways. A solo 401(k) allows both employee and employer contributions, offers Roth options, and permits loans from the plan. A SEP IRA allows only employer contributions (up to 25% of net self-employment income), does not offer a Roth option, and does not allow loans. For many freelancers, the solo 401(k) allows for higher total contributions, especially at lower income levels. See our comparison of retirement plans for self-employed individuals for a deeper look.

Can I take a loan from my solo 401(k)?

Many solo 401(k) plans allow you to borrow up to 50% of your vested account balance, or $50,000, whichever is less. Not all providers support the loan feature, so if this is important to you, confirm with your chosen provider before opening the account. Loans must be repaid within five years (or longer if used to purchase a primary residence) to avoid taxes and penalties.

What happens if I hire employees?

If you hire full-time employees (other than your spouse), you can no longer maintain a solo 401(k). You would need to convert to a traditional 401(k) plan or another type of retirement plan that covers your employees. Some providers make this transition easier than others, so it is worth considering if you anticipate growing your team.

What is checkbook control in a solo 401(k)?

Checkbook control means your solo 401(k) has its own dedicated bank account, and you as the plan trustee can write checks or initiate wire transfers directly from that account to make investments. This gives you the ability to act quickly on investment opportunities, particularly for alternative assets like real estate. Carry is one of the providers that offers this feature.

Do I need to file any special tax forms for a solo 401(k)?

You are required to file Form 5500-EZ with the IRS once your solo 401(k) plan assets exceed $250,000 at the end of the plan year. This form is an annual return that reports information about the plan. Failing to file can result in penalties, so it is important to stay on top of this requirement as your account grows.

What is the mega backdoor Roth strategy?

The mega backdoor Roth is a strategy that allows you to contribute beyond the standard employee deferral limit by making after-tax (non-Roth) contributions to your solo 401(k) and then converting those contributions to Roth. This can significantly increase the amount you save in a Roth (tax-free growth) account each year. Not all solo 401(k) providers support this strategy, so if it interests you, verify that your chosen provider allows both after-tax contributions and in-plan Roth conversions.

Can my spouse participate in my solo 401(k)?

Yes, if your spouse works for your business, they can participate in your solo 401(k) and make their own employee deferrals up to the annual limit. This effectively doubles the amount your household can contribute to the plan. Both spouses can also receive employer profit-sharing contributions, making the solo 401(k) an especially powerful savings tool for couples who work together in a freelance or consulting business.

Is a solo 401(k) worth it if I only freelance part-time?

A solo 401(k) can still be worthwhile for part-time freelancers, but it depends on your income and savings goals. If your freelance income is modest, the administrative requirements of a solo 401(k) may outweigh the benefits compared to simply contributing to a traditional or Roth IRA. However, if you are earning enough to contribute more than the IRA limits ($7,000 for 2026, or $8,000 if 50 or older), a solo 401(k) can help you save significantly more in a tax-advantaged account.

How long does it take to set up a solo 401(k)?

Setup time varies by provider. Most online brokerages like Fidelity, Schwab, and E*TRADE allow you to open a solo 401(k) online in 15 to 30 minutes. The plan must be established by December 31 of the tax year for which you want to make contributions, though you have until your tax filing deadline (including extensions) to fund the contributions. Providers focused on alternative investments, like Carry, may have a slightly longer setup process due to the additional features involved.