Ep #028: Investing for Retirement as a Solopreneur: The SEP IRA vs Solo 401k
As a business owner, saving for retirement can be a daunting task. Unlike employees of larger companies who often have access to employer-sponsored retirement plans, business owners are responsible for creating and funding their own retirement accounts. For the solo business owner that's where the SEP IRA and Solo 401k come into play.
In this podcast episode, we explore the pros and cons of each plan and provide insights into which plan may be best suited for your business. We delve into the challenges that solo business owners face in saving for retirement, provide guidance on how to navigate these obstacles, and discuss real-world examples of how each plan works in practice.
LISTEN TO THE FULL EPISODE:
WHAT YOU’LL LEARN:
- The pros and cons of the SEP IRA vs Solo 401k
- Insights into which plan may be best suited for your business
- The eligibility requirements and contribution limits to determine how much you can save
- What maintenance looks like for the SEP IRA and Solo 401k
RESOURCES:
- How does a One-Participant 401k plan work?
- How does a Simplified Employee Pension Plan (SEP) work?
- How to Save and Invest Outside of Your Business
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