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Ocho vs My Solo 401k
Ocho offers the best self-directed solo 401k plan with integrated bank and brokerage platforms. You can set up an account in under 10 minutes, and make contributions and even investments all without ever having to leave the app.
How is Ocho different from My Solo 401k?
Ocho and My Solo 401k offer two very different kinds of solo 401k plans. My Solo 401k will create your plan documents for you, but you’ll need to open a separate bank and brokerage account at a different institution of your choosing. They’ll create your plan documents and help you maintain your account each year for a fee. However, to invest your funds, you’ll have to find a brokerage that will accept their plan documents, like Fidelity, Schwab, or TD Ameritrade. Ocho is an all-in-one modern solo 401k plan. You can set your elections, make contributions, and even make investments through Ocho’s integrated bank and investment platform.
The most intuitive signup process
Setting up a solo 401k used to be a paperwork nightmare. With Ocho, you can set up your account, sign all paperwork online, and be done in under 10 minutes. Signing up for a solo 401k has never been easier, and if you need help, support is always ready to assist you.
Integrated bank and brokerage
No need to take your plan documents and go hunting for a bank and brokerage account. Ocho has integrated bank and brokerage platforms that you can use to make contributions, make withdrawals, and invest your funds with checkbook control.
Ocho is a simple flat rate of $299/year for all features and investments. No hidden fees, additional charges, or any fees for assets under management. My Solo 401k charges $525 for the first year, and $125/year after that to maintain your account with them.
|Features||Ocho Solo 401k||My Solo 401k|
|Cost||$299/year for unlimited investments.||$525 first fee + $125 annual fee|
|Integrated bank account||Yes||No|
|Integrated brokerage account||Yes||No|
|Making contributions||Online through the Ocho app||Open a bank account with a 3rd party institution.|
|Making investments||Online through the Ocho app||Open a brokerage account with a 3rd party institution that will accept the My Solo 401k plan documents.|
|Mega backdoor Roth||Yes||Yes|
Why business owners love Ocho
Contribute up to $61,000 for 2022 and invest your money with tax-free compounding in any asset class. Ocho has the smoothest, most intuitive solo 401k experience with integrated bank and brokerage platforms, and the ability to make contributions, set elections, sign paperwork, and even make investments all directly through the Ocho app.
The smoothest solo 401k experience
Ocho completely simplified the solo 401k sign up process. What used to take days, involving reading through and signing 50+ pages of paperwork, can now be done in a fraction of the time. It takes just 10 minutes to open a solo 401k with Ocho.
Integrated bank and brokerage platforms
With My Solo 401k, you’ll need to take the plan documents they make for you and find a brokerage that will accept them. With Ocho, you can do everything within the app, through integrated bank and brokerage platforms built in directly.
Highest contribution limits
Contribute up to $61,000 for 2022 and $66,000 for 2023. That’s 10x higher than the contribution limit of an IRA and 3x higher than the limit of a 401k. You can also contribute up to $20,500 into a Roth account, or up to $27,000 if you’re 50 years of age or older.
Mega backdoor Roth
The typical contribution limit for a Roth solo 401k is $20,500 for 2022. Ocho also supports the mega backdoor Roth solo 401k, which allows users to contribute up to $61,000 into a Roth solo 401k, and not be bound by the employee deferral limit of $20,500.
Ocho has the best customer support team readily available to help you whenever you need assistance. From full onboarding support to complimentary compliance checks, Ocho makes sure that you’re saving the most in taxes while making the best decisions for your retirement goals.
Ocho is trusted and backed by the world’s top entrepreneurs, creators and money experts.
“The Ocho Solo 401k is a retirement plan so powerful and flexible that it feels like you’re getting access to a tax loophole.”
Cofounder, Hustle Fund
“Every business owner, creator, and self-employed person should have one. The benefits and tax savings each year are a no-brainer.”
Owner, Ask Sebby
“Ocho built something I’ve wanted to exist for a long time – the modern solo 401k with all the best features and full admin support.”
Investor & YouTuber
Transparent pricing with no AUM fees
Unlike other money managers, we charge zero fees on your money under management (AUM) and do not receive any kickbacks from any products we recommend.
All income levels and all business entities eligible
Any business owner, freelancer, creator, or even full-time employees with a side hustle can open a solo 401k. The only requirement is that you have no full-time W-2 employees that work over 1,000 hours in your business (excluding your spouse). There are no income limits – you’re eligible whether you make over $1M or operate a small side hustle.