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Carry vs Charles Schwab
Launched in 2022, Carry is a modern solo 401k platform with full onboarding and compliance support, integrated investment platforms*, and the ability to contribute up to $61,000 and invest it with tax-free compounding into any asset class (including alternative assets).
How is Carry different from the Charles Schwab Solo 401k?
Charles Schwab offers a basic solo 401k plan that’s free to set up, but lacks many features compared to the Carry Solo 401k Plan. Carry offers both pre-tax and Roth accounts, while Charles Schwab only offers a pre-tax account. With Carry, you can invest in any asset class*, including alternative assets, while you can only invest in traditional assets with Charles Schwab. Furthermore, Carry is a modern solo 401k experience, allowing you set up your account in under 10 minutes, make contributions and invest all through the Carry App. Charles Schwab’s Solo 401k still requires you to mail in a physical check for contributions.
Carry gives you checkbook control
With Charles Schwab, your investment options are limited to traditional assets within their platform. With Carry, you get checkbook control over your investment account and can either invest in traditional assets directly from the Carry app, or invest in alternative assets like crypto and real estate*.
Carry has both pre-tax and Roth
The Carry Solo 401k Plan comes with both pre-tax and Roth accounts. You can choose your tax advantage each year (tax deduction vs tax-free withdrawals in retirement). You can also contribute 3x more into a Roth solo 401k using our mega backdoor feature. Charles Schwab only offers a pre-tax account.
Integrated platform with modern interface
With Carry, the signup process is fast and simple, and can be done in under 10 minutes. You can set elections, make contributions, and invest your funds all directly through the app*. Charles Schwab still requires that you mail in a check if you want to contribute money to your account.
| Features | Carry Solo 401k | Charles Schwab Solo 401k |
|---|---|---|
| Cost | $299/year for unlimited investments.* | Free to set up. |
| Roth option | ✅ | ❌ |
| Mega backdoor Roth | ✅ | ❌ |
| Investment options | Any asset class* | Only traditional assets like stocks, mutual funds, ETFs, bonds. |
| Making contributions | Online through the Carry app | Mail in a physical check |
| Alternative investments | ✅ | ❌ |
| Checkbook control | ✅ | ❌ |
| Rollovers | Yes, from most retirement plans | Only 401k plans, no IRAs |
| Invest in crypto | ✅ | ❌ |
| Invest in NFTs | ✅ | ❌ |
| Invest in real estate | ✅ | ❌ |
| Invest in private equity | ✅ | ❌ |
Why business owners love Carry
The Carry Solo 401k Plan offers all the best features of a solo 401k, and nothing you don’t need as a business owner. It’s designed to give entrepreneurs and freelancers the power and flexibility to choose their preferred tax advantage each year, and get mega-sized contribution limits compared to other retirement plans like a 401k or SEP IRA.
Choose your tax advantage
With Carry, you can choose to get a tax deduction of up to $66,000 for 2023 or put the entire amount into a Roth solo 401k and get tax-free withdrawals in retirement. You can also mix and match, and allocate your funds based on what makes the most sense for you.
A modern all-in-one platform
Many free prototype plans, like Charles Schwab, still require that you mail in a physical check if you want to make a contribution. Carry flipped the model completely, allowing you to make contributions, set elections, sign documents, and even invest your funds all within the Carry app*.
Access to alternative assets
Charles Schwab only lets you invest in traditional assets like stocks, bonds, and mutual funds. The Carry Solo 401k is a self-directed plan, opening the door to asset classes beyond traditional assets. Easily invest in alternative asset classes like real estate, crypto, NFTs, and even private equity*.
A mega-sized Roth account
Charles Schwab gives you a pre-tax account, but no option for Roth contributions. When you sign up with Carry, you get both pre-tax and Roth solo 401k accounts. Contribute up to $22,500 into your Roth solo 401k, or up to $61,000 into your Roth solo 401k with our mega backdoor implementation.
Prototype vs non-prototype plans
Charles Schwab offers a free prototype plan, which is a basic solo 401k with minimum features. You don’t get a Roth account, no option for a mega backdoor Roth solo 401k, and you still have to mail in physical checks to make contributions.
Carry is a modern take on the solo 401k plan. You’ll get all the best features, like a Roth account, mega backdoor, full onboarding and compliance support, and integrated investment platforms*.
Carry is trusted and backed by the world’s top entrepreneurs, creators and money experts.
“The level of insight you get in terms of your money management is not something I’ve seen on any other apps I’ve used.”
3500
Early Stage Users
100+
Startup founders have invested in Carry
$5M+
In preseed funding
Built by the team that built:
“The Carry Solo 401k is a retirement plan so powerful and flexible that it feels like you’re getting access to a tax loophole.”
Elizabeth Yin
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.”
Sebastian Fung
Owner, Ask Sebby
“Carry built something I’ve wanted to exist for a long time – the modern solo 401k with all the best features and full admin support.”
Nate O’Brien
Investor & YouTuber
Sign Up to Carry and get all-inclusive access to all of our products
Carry is an annual membership that includes:
Solo 401k
Ownership of an Carry Solo 401k plan, contribute up to $66,000 for 2023, and invest in any asset class with tax-free compounding.
Education
Access to Carry’s entire library of on-demand finance and business courses (including all summit replays). Plus join in on our live webinars and AMAs with guest experts.
Carry IRAs (Roth + Traditional) You’ll get immediate access to both accounts on any plan**.
Personalized Financial Plans Starting at the end of May, access a custom financial plan built by our financial advisors for your specific financial situation and goals (only available on our Professional Plan)*.
“Ask an Advisor”
Get advice from our team of financial experts (only available on our Professional Plan)*.
Full Support
Onboarding, compliance, and tax-filing support. Get help from our world class support team any time you need assistance.
Basic Plan ($299/year)
Carry Solo 401k Plan
Carry IRAs (Traditional + Roth)
Security & compliance monitoring, full onboarding support and account administration assistance.
On-demand courses uploaded regularly on a variety of personal + business finance topics
Live events with financial guest experts, both workshops and AMA style conversations
Professional Plan ($999/year)
Carry Solo 401k Plan
Carry IRAs (Traditional + Roth)
Security & compliance monitoring, full onboarding support and account administration assistance.
On-demand courses uploaded regularly on a variety of personal + business finance topics
Live events with financial guest experts, both workshops and AMA style conversations
Plus: Personalized financial plan (starting in May)
Plus: Access to “Ask an Advisor” (starting in May)
Sign Up to Carry and get all-inclusive access to all of our products
Carry is an annual membership that includes:
Solo 401k
Ownership of an Carry Solo 401k plan, contribute up to $66,000 for 2023, and invest in any asset class through your plan with tax-free compounding.
Education
Access to Carry’s entire library of on-demand finance and business courses (including all summit replays). Plus join in on our live webinars and AMAs with guest experts.
Carry IRAs (Roth + Traditional) You’ll get immediate access to both accounts on any plan.†
Personalized Financial Plans Starting at the end of May, access a custom financial plan built by our financial advisors for your specific financial situation and goals (only available on our Professional Plan).◊
“Ask an Advisor”
Get advice from our team of financial experts (only available on our Professional Plan).◊
Full Support
Onboarding, compliance, and tax-filing support. Get help from our world class support team any time you need assistance.
Basic Plan ($399 $299/year)
Carry Solo 401k Plan
Carry IRAs (Traditional + Roth)†
Security & compliance monitoring, full onboarding support and account administration assistance.
On-demand courses uploaded regularly on a variety of personal + business finance topics
Live events with financial guest experts, both workshops and AMA style conversations
Professional Plan ($999 $499/year)
Carry Solo 401k Plan
Carry IRAs (Traditional + Roth)†
Security & compliance monitoring, full onboarding support and account administration assistance.
On-demand courses uploaded regularly on a variety of personal + business finance topics
Live events with financial guest experts, both workshops and AMA style conversations
Plus: Personalized financial plan)◊
Plus: Access to “Ask an Advisor”◊