86. Retirement Plans for Consultants

Consultants and Money

Nov 12, 2024•12 min•Season 1Ep. 86

--:--

Listen in podcast apps:

Apple Podcasts

Spotify

Download

Listen to this episode in Metacast mobile app

Don't just listen to podcasts. Learn from them with transcripts, summaries, and chapters for every episode. Skim, search, and bookmark insights. Learn more

Episode description

Get my Monthly Newsletter here

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

____________________

Resources Referenced:

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

____________________

Connect with Erica | LinkedIn | Website | Newsletter

For the best experience, listen in Metacast app for iOS or Android