The individual 401(k) plan is a type of 401(k) plan, as the name denotes, designed specifically for owner-only coverage. While you’ll find these plans marketed under a number of different names (Individual(k), Uni-K, Solo-K, Owner-Only 401(k)), the common characteristic is that these names are used to denote a 401(k) product that is designed specifically for the “owner-only” market.  

As you’re probably well aware, the 401(k) is an extremely popular type of defined contribution plan.

Another IRA-Based alternative is called a SIMPLE IRA plan (SIMPLE stands for Savings Incentive Match Plan for Employees).  Perhaps the best way to describe the SIMPLE IRA plan is as the little brother of the more robust (but more costly) 401(k) plan.  Much like the traditional 401(k) plan, the SIMPLE IRA Plan allows for both employer contributions as well as employee salary deferral contributio