What is a Solo 401(k) plan, and how does it work for travel nurses?

A Solo 401(k) plan is a retirement savings plan designed for self-employed individuals and small business owners with no employees, except for a spouse. For travel nurses, this plan allows you to contribute both as an employee and an employer, maximizing your retirement savings. You can make salary deferral contributions up to $22,500 (or $30,000 if you're over 50) and additional employer contributions, allowing for a total contribution limit of up to $66,000 (or $73,500 if over 50) in 2023.