A business owner has a lot on his or her plate and many times retirement planning gets pushed to the back of the line.

Jordan McFarland shares more on the “Big 3” with self-employed retirement accounts: SEP IRA, Simple IRA, and the Solo 401(k).

Reach out today if you would like more info on setting your’s up!

Jordan McFarland is a Financial Advisor at Chapwood Investments. You can learn more at jordanmcfarland.com. To learn more about Chapwood Investments, visit their website at www.chapwoodinvestments.com.

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These videos are intended to be strictly educational. No mention of a particular security, index, derivative or other instruments in this material constitutes an opinion on the suitability of any security. The information and data in this material were obtained from sources deemed reliable. Their accuracy and completeness are not guaranteed. At any given time, principals at Chapwood Investments, LLC may or may not have a financial interest in any or all of the securities or instruments discussed in this material. The guests appearing in the material do not receive compensation or provide endorsements or testimonials. Past performance is not indicative of any future results. Jordan nor Chapwood Investments offer legal or tax advice. Please consult the appropriate professional regarding your individual circumstances….(read more)

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Retirement planning is a crucial aspect of financial management for individuals, and this holds true for business owners as well. As a business owner, it is important to consider various options available for retirement planning, such as SEP, Simple, and Solo 401(k) plans.

One of the most popular retirement options for self-employed individuals and small business owners is the Simplified Employee Pension Plan (SEP). This plan allows employers to contribute to their employees’ retirement savings, including their own. Contributions are tax-deductible and contributions limits are relatively high, making it an attractive option for those looking to save for retirement. However, contributions must be made equally for all eligible employees, which may not be suitable for businesses with multiple employees.

Another option for small business owners is the Savings Incentive Match Plan for Employees (Simple) IRA. This plan allows small businesses to offer a tax-deferred retirement savings option to their employees. Employers are required to make either a matching contribution or a non-elective contribution to their employees’ accounts. This plan is relatively easy to set up and administer, making it a good option for small businesses looking to provide retirement benefits to their employees.

For self-employed individuals, a Solo 401(k) plan may be the best option. This plan allows self-employed individuals to contribute as both an employer and an employee, enabling them to maximize their retirement savings potential. Contributions are tax-deductible, and the plan offers the flexibility to invest in a wide range of investment options. Additionally, Solo 401(k) plans are relatively easy to set up and administer, making them a popular choice for self-employed individuals.

Regardless of which retirement plan you choose, it is important to start saving for retirement as early as possible. By saving consistently over time, you can build a substantial nest egg for your retirement years. Consult with a financial advisor to determine the best retirement plan for your business, and start saving for your future today.