As entrepreneurs, we are so focused on the NOW. That sometimes we forget about the later. When you worked for **corporate** it was easy to save for retirement because it was probably taken out of your paycheck. But what about now? Don’t worry, there’s options and we want to talk to you about them. 

Let’s go through the basic ones…SEP-IRAs, SIMPLE IRAs, or solo 401(k)s. These plans aren’t just about saving for retirement; they’re about smart tax moves too! And you KNOW we’re all about those. 

Contributing to a retirement fund can lower your taxable income. Meaning your tax bill will be lower. You also don’t have to pay taxes on interest gathered from these investments until you withdraw. So more money can grow 📈

 SEP-IRA (Simplified Employee Pension): Ideal for self-employed individuals or small business owners with few or no employees, SEP-IRAs allow you to contribute up to 25% of your net earnings, up to a maximum of $58,000 (for 2024). 

SIMPLE IRA (Savings Incentive Match Plan for Employees): Geared towards businesses with fewer than 100 employees, SIMPLE IRAs offer a straightforward way to save for retirement. You can contribute up to $14,000 (for 2024), with additional catch-up contributions available for those aged 50 and older.

Solo 401(k): Designed for sole proprietors or business owners with no full-time employees other than themselves and their spouses, solo 401(k)s allow for higher contribution limits compared to other retirement plans. In 2024, you can contribute up to $61,000, plus an additional $6,500 in catch-up contributions if you’re 50 or older.

At the end of the day, it’s your call. Do what’s best for you and your business (now and in the future) 

And remember, we’re here to help if you’ve got questions or need some guidance. Let’s chat!