<prompt> Human: I am a sole proprietor who is a full-time contractor for a single company. I get one check a month. Im interested in opening an individual 401K not a SEP or IRA. It appears I qualify since I am both employer and employee and have no employees. But these dont seem near as popular as other individual retirement plans even though tax benefits seem pretty awesome. Are these complicated to manage? Why arent they more popular since more and more people are working as contractors on 1099s?  <response>: Theyre not talking about much here since they arent an option for most people. But Solo 401ks are often recommended for people who are self employed. 