Essential Retirement Plans for Small Business Owners: Part 1 In this episode of the Financial Foundry podcast, Dan Mueller delves into crucial retirement planning options for small business owners. The discussion covers the significance of retirement planning, factors to consider when choosing a plan, and detailed analyses of SEP IRAs, SIMPLE IRAs, Solo 401(k)s, and Traditional 401(k)s. Dan outlines the pros, cons, and suitability of each plan to help business owners make informed decisions. A follow-up episode will address common mistakes and additional layered options for high earners.

00:00 Introduction to Retirement Planning for Small Business Owners

02:23 Key Questions Before Choosing a Retirement Plan

06:36 SEP IRA: Simplified Employee Pension

12:17 SIMPLE IRA: Savings Incentive Match Plan for Employees

17:41 Solo 401k: Ideal for Owner-Only Businesses

24:03 Traditional 401k: Comprehensive Retirement Plan

30:21 Conclusion and Next Steps