Why Retirees Should Consider a Solo 401k for Side Income

In this episode, Lucas and Luna explore a little-known retirement savings tool for retirees who earn side income: the solo 401k. They break down how this plan works, why it can be more powerful than a SEP IRA for self-employed retirees, and the key contribution limits for 2026. They walk through a concrete example of a retired consultant earning $40,000 in freelance income who can defer up to $23,000 plus a 25% employer contribution, all while still collecting Social Security. The hosts also discuss the deadline for setting up the plan and a common trap: forgetting to file Form 5500-EZ once the account hits $250,000. Perfect for retirees looking to maximize tax-advantaged savings from part-time work or consulting gigs. #Solo401k #RetirementPlanning #SideIncome #SelfEmployed #Retiree #TaxAdvantagedSavings #SEPIRA #ContributionLimits #2026 #Form5500EZ #FreelanceIncome #Consulting #RothOption #ProfitSharing #FexingoBusiness #BusinessPodcast #Finance #PersonalFinance Keep every episode free: buymeacoffee.com/fexingo