Nov 11 2024 12 mins 3
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This episode, Erica covers 4 key retirement plans: Roth IRAs, Traditional IRAs, SEP IRAs, and Solo 401ks. Erica explains the eligibility criteria, 2024 contribution limits, and special considerations based on business structure (sole proprietor, LLC, or S Corp). She highlights the benefits and potential drawbacks of each plan, offering insights to help solo consultants make informed retirement savings decisions.
(00:54) Retirement Planning for Self-Employed Consultants
(02:11) Roth IRA: The Favorite Child
(03:55) Traditional IRA: A Flexible Option
(05:46) SEP IRA: Ideal for High, Fluctuating Income
(07:57) Solo 401k: High Limits and Flexibility
(09:48) Key Takeaways and Final Thoughts
(11:43) Stay Connected and Informed
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Resources Referenced:
Ep69 - SEP vs Solo 401(k) with Sean Mullaney, CPA
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