JPMorgan Chase Launches Solo 401(k) for Self-Employed Individuals with High Contribution Limits and Flexible Investment Options.

JPMorgan Chase introduces Solo 401(k), a retirement solution for solo entrepreneurs and self-employed individuals, offering high contribution limits of up to $70,000 annually and flexible investment options. This new offering addresses a retirement gap where only 44% of business owners feel satisfied with their contributions. J.P. Morgan Asset Management will provide customized plans and Vestwell will act as recordkeeper.

JPMorgan Chase has introduced Solo 401(k), a retirement solution tailored for solo entrepreneurs and self-employed individuals with no full-time employees. This new offering, an expansion of their Everyday 401(k) platform, provides high contribution limits and flexible investment options, addressing a significant gap in retirement planning for this demographic.

The Solo 401(k) allows small business owners to contribute up to $70,000 annually, with additional contributions possible for employed spouses. This high contribution limit is particularly beneficial for those aged 50 and above, who can contribute even more. According to a recent Chase survey, while 80% of business owners contribute to retirement accounts, only 44% are satisfied with their current contribution levels, indicating a strong demand for such solutions [1].

J.P. Morgan Asset Management will provide customized investment plans, while Vestwell will act as the recordkeeper for this expansion. The Solo 401(k) offers a seamless online setup process, making it easy for entrepreneurs to plan, save, and invest for their retirement.

This new offering underscores JPMorgan Chase's commitment to supporting small businesses and enhancing retirement planning. By providing a flexible and powerful way to save for the future, Solo 401(k) aims to empower solo entrepreneurs and small business owners to confidently achieve their retirement goals.

References:
[1] https://www.marketscreener.com/quote/stock/JPMORGAN-CHASE-CO-37468997/news/JPMorganChase-Unveils-New-Retirement-Solution-for-Solo-Entrepreneurs-50525413/