Is there a way I can contribute for myself without having to contribute to employees? Or is there no way around that?

I am a Sole Prop (if that matters)

https://www.irs.gov/retirement-plans/plan-sponsor/simplified-employee-pension-plan-sep

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Pros and cons:

• Easy to set up and operate
• Low administrative costs
• Flexible annual contributions good plan if cash flow is an issue
• Employer must contribute equally for all eligible employees

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I read that as well but thought I had heard there was an "out" of an employee declined to match or something along those lines?

The Silverback said:

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I read that as well but thought I had heard there was an "out" of an employee declined to match or something along those lines?

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The IRS considers employees not contributing to not be doing so at the request of the business owner, whether true or not. Makes sense. You might explore a Solo IRA.

You should probably consider doing a safe harbor 401k plan. You'll contribute for employees only what they contribute as a match. Some other benefits include credit protection and backdoor Roth IRA eligibility stays in tact.

Doing one through Guideline for example can make it low cost and pretty simple.

The Silverback said:

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Is there a way I can contribute for myself without having to contribute to employees? Or is there no way around that?

I am a Sole Prop (if that matters)

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The only way to exclude employees is if they don't meet eligibility requirements. The most restrictive eligibility rules are age 21+, worked for you 3/5 years, and made at least $750.

Other options to consider, although you likely will have some contributions required for eligible employees, are SIMPLE IRA or a 401(k) established with New Comparability rules if your trying to max out the owner contributions. 401ks typically cost more to administer, though.

Depending on how many employees you have and their ages, you may also want to look into a Defined Benefit plan. Those get much more complex but they can allow the most significant amounts saved for older highly compensated owners.