 TITLE: What Is a Solo 401(k)? CONTENT: How to Open a Solo 401(k)\n-------------------------\nIf you decide that a solo 401(k) is right for you, opening one isn't unlike opening an IRA. You can establish this type of account with many investment brokerages. Be prepared to provide an employer identification number (EIN) and appoint a plan administrator (most likely you). Once you've completed all the paperwork, you can choose your investment options. Some brokers provide additional assistance with this, so it's wise to review all fees and investment support before finalizing your plan.\nManaging your solo 401(k) plan should be pretty straightforward since there are only one to two participants. Just keep in mind that the IRS will require you to file Form 5500-EZ annually once your plan exceeds $250,000 in assets. That said, another perk of a solo 401(k) is that it allows you to borrow against it. While taking out a 401(k) loan isn't generally advised because it can set back your retirement savings, it could serve as a last resort in a financial emergency. END