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JPMorganChase launches a retirement plan for small business owners

It’s designed for businesses where the owner is the only employee

Updated:

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By:
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Mark Huffman
Reporter

Mark Huffman has covered consumer issues since 2004, with a special focus on protecting and empowering older adults. A former news correspondent for the Associated Press Radio Network, Westwood One, and ConsumerAffairs, Mark brings decades of journalistic experience to RetirementLiving.com. He is passionate about giving consumers a voice and helping them make informed decisions. Mark has also created educational content, including Senior Scam Alert, a video resource designed to help seniors recognize and avoid fraud. He holds a B.A. from the University of Kentucky and lives with his family in Richmond, Virginia.

Photo by U.S. Chamber of Commerce

Key Insights

  • JPMorganChase debuts Solo 401(k) to empower self-employed entrepreneurs with flexible retirement savings.
  • The plan offers high contribution limits, customizable investment options, and an online setup tailored for solo business owners.
  • Launch extends JPMorgan’s Everyday 401(k) initiative, in partnership with recordkeeper Vestwell.

Many people have started businesses in recent years in which they are the only employee. JPMorganChase has launched a new retirement savings account just for them.

The new Solo 401(k) plan, a digital-first retirement solution created specifically for solo entrepreneurs and self-employed individuals without full-time employees, offers a strategic expansion of the bank’s Everyday 401(k) platform.

The new plan, launched in partnership with recordkeeper Vestwell, enables business owners to quickly establish and manage a 401(k) plan online. Users can choose between pre-designed portfolios from J.P. Morgan Asset Management or craft a customized investment lineup to match their individual financial goals.

“The launch of the Solo 401(k) marks a significant milestone in our commitment to enhance retirement planning for solo entrepreneurs,” said Steve Rubino, head of Retirement at J.P. Morgan Asset Management. “We are excited to help solo entrepreneurs and small business owners with the resources needed to secure their financial future.”

Addressing a changing workforce

The launch of the Solo 401(k) comes as the American workforce continues to shift toward independent work. From consultants and contractors to digital creators, millions now operate outside the traditional employer-employee model, often without access to standard workplace retirement benefits.

A recent Chase survey of 500 small business owners underscores the need for new solutions:

  • 80% currently contribute to retirement accounts
  • Only 44% are satisfied with their contribution levels
  • 35% favor individual 401(k) options but cite limitations in flexibility and setup

“Today’s economy is powered by self-starters,” said John McCourt, head of Client Relationships at Chase for Business. “Our Solo 401(k) provides a flexible way to save for the future while growing their business, wherever they may be in their retirement planning journey.”

Key features include:

  • Eligibility: Available to sole proprietors and self-employed individuals with no employees other than a spouse.
  • High Contribution Limits: Owners can contribute up to $70,000 annually — or more if over 50 — plus another $70,000 for a working spouse.
  • Tax Advantages: Pre-tax and Roth contribution options with tax-deferred growth.
  • Digital Tools: Access to J.P. Morgan’s suite of financial planning resources, including Target Date Compass® and Core Menu EvaluatorSM.