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I am often asked about the best retirement plan options for entrepreneurs and sole proprietors.
There's a lot of choices out there, and it's not always so easy to determine which plan makes the most sense, that's why on this episode we're glad to welcome back Michael Goodman for a little small business bootcamp!
As the president of Wealthstream Advisors in New York City, Michael knows firsthand what it's like to run a small business.
We'll touch on a variety of topics, including which retirement plan is the best choice for your situation.
Among the options discussed:
Individual Retirement Account (IRA): You can choose a traditional IRA, where you pay taxes in the future or a Roth, where you pay taxes today.
Simplified Employee Pension (SEP-IRA): This is a good option for those who have up to 25 employees and want to offer a retirement benefit that is easy to operate.
Savings Incentive Match Plan for Employees (SIMPLE IRA Plan): SIMPLE plans were aimed at slightly larger small business owners (usually up to 100 employees), who wanted to provide employees a way to save for retirement.
Solo 401(k) plan: Alternatively referred to as an “individual 401(k)” or “uni-401(k),” this plan is geared to small business owners who have no employees (other than a spouse) and have the capacity to sock away a lot of dough.
This special episode is part of the Small Business Podference presented by Dell Technologies.
To find more participating podcasts, search for Dell Technologies Small Business Podference on the Audacy App, Spotify or Apple podcasts at the end of this episode.
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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.