My wife and I operate an S-Corp and are on payroll along with 3 full-time employees. Up to this point, we haven’t had any form of retirement savings plans. I would like to open our own (i.e. one for myself and one for my wife) 401k plan but not offer a plan within the business. For example, I would set up a personal one and make contributions from my salary.
Is this something we can do, or must we set up a plan for employees?