Best Retirement Plans for Self-Employed & Small Business Owners
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This episode of Money Girl, hosted by Laura Adams, provides a comprehensive guide to retirement planning for self-employed individuals and small business owners. Covering four key retirement accounts—traditional IRA, Roth IRA, solo 401k, and SEP IRA—the episode explains eligibility, contribution limits, tax benefits, and practical considerations for each. Laura emphasizes that even part-time business income qualifies individuals for these plans, and she breaks down the pros and cons of each option based on income level, business structure, and long-term financial goals. She highlights the solo 401k as ideal for high earners seeking maximum contributions and the SEP IRA as a flexible, low-administration choice for those with employees or future hiring plans. The episode concludes with a strong call to action, urging listeners to start saving early and take control of their retirement security, especially in the absence of employer-sponsored plans.
Self-employed individuals with any business income qualify for retirement accounts, even if they also have a W-2 job.
Solo 401ks offer the highest contribution limits ($83,250 for ages 60–63 in 2026) and allow both pre-tax and Roth options.
SEP IRAs are ideal for business owners with employees or those planning to hire, offering high contribution limits and no annual reporting.
Roth IRAs are especially beneficial for early-career earners due to income limits and tax-free growth, with no required minimum distributions.
Traditional and Roth IRAs have lower limits ($7,500/$8,600 in 2026) but are accessible to all with earned income, regardless of employment status.
…and 3 more takeaways available in PodZeus
Introduction to Self-Employed Retirement Planning
“If you're self-employed, either full or part-time, you can save for retirement and get terrific tax benefits just like someone with a cushy job that offers a 401k.”
Traditional and Roth IRAs: Basics and Eligibility
Laura explains how traditional and Roth IRAs work for self-employed individuals, including contribution limits ($7,500/$8,600 in 2026), tax treatment, early withdrawal rules, and income limits for Roth IRAs. She notes that both can be used alongside other plans.
Solo 401k: High Contribution Option for Solopreneurs
“You can make solo 401k contributions as an employee and as the owner of your business... total contribution... is $83,250 if you're from age 60 to 63.”
SEP IRA: Best for Businesses with Employees
“You must give all employees the same percentage of income that you give yourself... but you can choose not to make any contributions in a bad year.”
Action Steps and Final Encouragement
Laura wraps up with a strong call to action, urging listeners to set retirement savings goals and take advantage of available plans. She promotes her free newsletter, The Money Stack, and invites listener questions via voicemail.
“You can make solo 401k contributions as an employee and as the owner of your business... total contribution... is $83,250 if you're from age 60 to 63.”
“If you're self-employed, either full or part-time, you can save for retirement and get terrific tax benefits just like someone with a cushy job that offers a 401k.”
“Creating your own retirement benefits is part of being a successful entrepreneur.”
Host
Laura Adams
person
Money Girl
media
401k
other
W-2 employee
other
403b
other
The Money Stack
other
IRS
organization
Roth 401k
other
Roth 403b
other
S corporation
other
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