As you plan for the future, it’s important to pick the best retirement plan for a self-employed business owner. This video compares several choices and then focuses on a Solo 401(k) vs. SEP IRA. The reason for that is that accountants have traditionally suggested SEPs, but a SoloK might offer more functionality. That said, you can keep things simple if your plan to save a relatively small amount each year. An IRA might be all you need, but be mindful of the ability to deduct contributions or your eligibility for Roth contributions. 🌞 Subscribe to this channel (it's free): SEPs and Solo 401(k) plans both allow for employer contributions. The amount is similar, but things diverge quickly from there. A SoloK also allows for catch-up contributions and salary deferral contributions, which can increase your savings significantly each year. Get free retirement planning resources: 🔑 9 Keys to retirement planning 🐢 6 Safest Investments Plus, if you’re looking to maximi
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)