Megan Russell of MarratoaOnMoney.com once again joins us on the podcast to discuss which is better for you: a SEP-IRA or a Solo 401k plan? The bottom line is, as Megan states right away: every business deserves a 401k. Tune in to hear why the solo 401k trumps the SEP-IRA and when the opposite might be true.
Both a SEP-IRA and Solo 401k are employer retirement plans where the employer (and potentially and employee) get to contribute dollars in a tax-advantaged way. You definitely want to consider opening the right plan for you to take advantage of these tax savings! The solo 401k generally beats the SEP-IRA because the contribution limits are much higher, allowing you to save more in taxes.
You can read Megan's thoughts on her blog post about this post topic and tune in to hear all the details and why Megan believes the 401k wins.
Find out more about Mike at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/
