Apply for a Solo 401k |Solo 401k for Yoga Teacher

QUESTION: I’d like to know if I can apply for a solo 401k plan. I work for a company and I am also a self-employed yoga teacher.

Let me know what my possibilities are.

ANSWER: Because you are a self-employed you qualify to apply for a solo 401k. The condition to setup a solo 401k is part-time or self-employment income, which you obviously satisfy through the yoga teacher profession. Note that the fact that you also work for a company will not preclude you from setting up a solo 401k unless you own an interest in that company. What’s more, even if you participate in that company’s 401k plan, you can still set up a solo 401k for your part-time or full-time yoga self-employed business. To learn about the rules surrounding making contributions to multiple 401k plans click here.

Thank you.


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About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>


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