Episode Summary:

In this episode of Becoming Work Optional, Matt and Rachael discuss self-employed retirement accounts and the different options available for small business owners and solopreneurs. They break down the stages of entrepreneurship and recommend retirement plans based on factors such as savings capacity, number of employees, and anticipated business growth. The hosts emphasize the importance of consulting with professionals and conducting thorough due diligence before implementing any retirement plan.

Key Points Discussed:

• Self-employed retirement accounts have significant benefits
  • Tax savings
  • Tax-efficient growth
  • Saving for retirement
• It is important to choose the right retirement plan based on your business stage and financial situation.
• Good options for beginner entrepreneurs
  • Starting with a traditional IRA or Roth IRA
  • Health savings account (HSA) if eligible
• Intermediate entrepreneurs can consider:
  • SEP IRAs
  • Solo 401(k)s (offering more flexibility and not disrupting a backdoor Roth IRA strategy)
• Advanced entrepreneurs can explore:
  • Cash balance plans (require careful consideration and professional guidance)
    • Significant contributions
    • Tax savings
• When choosing a retirement plan it is important to consider factors such as:
  • Contribution limits
  • Employee status
  • Future business changes
• Working with professionals, such as CPAs and actuaries, is crucial to navigate the complexities of retirement planning for self-employed individuals.

Connect with us:

Rachael

X/Twitter - @camp_wealth

rachaelcampwealth.com

Matt

X/Twitter - @matthew_garasic

unrivaledwm.com

Disclaimer: This podcast provides general information and discussion about finance, investing, and related subjects. The content provided in this podcast is not intended as investment advice and should not be taken as such. Always seek the advice of a professional or conduct your own research before making financial decisions.

Rachael Camp offers advisory Services are offered through Creative Financial Designs, Inc., a Registered Investment Adviser, and Securities are offered through cfd Investments, Inc., a Registered Broker/Dealer, Member FINRA & SIPC, 2704 S. Goyer Rd., Kokomo, IN 46902. 765-453-9600.

Neither Camp Wealth or Unrivaled Wealth Management are affiliated with the CFD companies or each other.