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The Long Game
Solo 401(k) vs SEP IRA
Jul 19, 2024
Learn about the benefits of self employment retirement accounts like Solo 401(k)s and SEP IRAs, including contribution limits and tax advantages. Dive into the complexities of each option and discover why solo 401(k)s may be a preferred choice for retirement planning.
17:32
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Quick takeaways
- Utilizing a solo 401k over a SEP IRA allows for higher contribution limits and flexibility in retirement planning.
- Educating oneself on retirement account options is crucial to making informed decisions aligning with financial goals.
Deep dives
Benefits of Solo 401k Over SEP IRA
A key insight discussed in the podcast is the advantages of utilizing a solo 401k over a SEP IRA. Solo 401ks offer higher contribution limits, allowing individuals to defer more taxes and save for retirement effectively. Unlike SEP IRAs that lack an employee side, solo 401ks provide the opportunity for both employee and employer contributions, enhancing flexibility and potential savings. This difference is highlighted by the ability to maximize contributions, use mega backdoor Roth strategies, and navigate the complex rules more efficiently.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode