Retirement Plans for Business Owners

If you're self-employed, run a solo business, or have meaningful side income, you have access to retirement plan options that go beyond a personal IRA. Two of the most common and effective plans for solopreneurs are the SEP IRA and the Solo 401(k). Choosing the right one depends on your income, business structure, savings goals, and long-term plans—and we help you evaluate which option fits best.

A SEP IRA is a straightforward retirement plan for self-employed individuals and small business owners. It allows for significant contributions based on business income and is relatively simple to set up and maintain. SEP IRAs work well for business owners with steady or growing income who want a low-maintenance plan with strong contribution potential.

A Solo 401(k) is designed for self-employed individuals and spouse-only businesses with no other employees. It offers flexibility in how contributions are structured and may allow for higher total savings compared to a SEP IRA, especially for those with lower income or variable earnings. Solo 401(k)s can also include features like loan provisions and Roth contributions, depending on how the plan is structured.

We don't just help you set up the right plan—we stay involved throughout the year. That includes calculating contributions, implementing savings as your income develops, monitoring progress, and coordinating with your CPA to make sure opportunities aren't missed. The goal is to capture tax and savings benefits earlier in the year, not just at tax time, and to keep your retirement planning aligned with your business and personal goals.

Who this works well for:

• Solo consultants, freelancers, and independent contractors
• Business owners with variable or growing income
• Side-gig earners with meaningful profits
• Spouse-only businesses with no outside employees