I am the only employee of my business. Can I still open up a plan?

Yes, you can. One person owner-only plans are very common and allowable by the IRS. You do need to have income that is subject to employment taxes. This would be profits on a Schedule C for a sole proprietor or a W2 wage for a person with a C-Corp or S-Corp.

In addition, there is no age restriction or limitation. You can be 20 years old or 80 years old! However, the older you are the more you will be able to contribute.