The Solo 401(k) offered by New Direction Trust Company is a retirement plan designed for self-employed individuals or business owners with no full-time employees, allowing them to save for retirement with higher contribution limits and greater investment flexibility than traditional IRAs. It operates similarly to a standard 401(k) but is structured for a single participant (and spouse if applicable), combining both employee and employer contributions. The plan also supports a wide range of investment options, including alternative assets like real estate and private investments, depending on the plan structure. It is intended to give account holders more control, tax advantages, and flexibility in building a diversified retirement portfolio.