86. Retirement Plans for Consultants

11.12.24 - 86. Retirement Plans for Consultants

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This episode, Erica covers 4 key retirement plans: Roth IRAs, Traditional IRAs, SEP IRAs, and Solo 401ks. Erica explains the eligibility criteria, 2024 contribution limits, and special considerations based on business structure (sole proprietor, LLC, or S Corp). She highlights the benefits and potential drawbacks of each plan, offering insights to help solo consultants make informed retirement savings decisions.

00:54 Retirement Planning for Self-Employed Consultants

02:11 Roth IRA: The Favorite Child

03:55 Traditional IRA: A Flexible Option

05:46 SEP IRA: Ideal for High, Fluctuating Income

07:57 Solo 401k: High Limits and Flexibility

09:48 Key Takeaways and Final Thoughts

11:43 Stay Connected and Informed

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Resources Referenced:

Ep69 - SEP vs Solo 401(k) with Sean Mullaney, CPA

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