If you have part or full-time business income, you can use retirement accounts designed for the self-employed.

That's terrific because they allow you to contribute a lot more than other types of accounts,

like an IRA or even a workplace 401k or 403B. This podcast will review the

pros and cons of the two most popular retirement accounts for solopreneurs or small business owners.

They are the solo 401k and a SEP IRA. Understanding their differences will help you choose the right plan for your situation

and goals. Welcome back, everyone. This is episode 916 of the Money Girl podcast. I'm your host,

Laura Adams. I'm an award-winning author, spokesperson, speaker, founder of the money stack. That's

my substack newsletter and host of this podcast with over 43 million downloads.

If you're enjoying the free content that we love creating here, please take a moment to rate and review the show in your podcast app.

That always means so much to me and everyone on the team.

And if you've got a question about money, you can leave it on our

voicemail at 302-364-0308. And you can always visit laura d adams.com to email me directly. And that's

where you can learn more about my books, courses, and sign up for the Money Stack. And by the way, when you sign up for

the newsletter, you automatically receive my money success toolkit. That is a free gift that includes

the exact templates I use to manage my money. I hope you'll check it out. So let's start by

reviewing what exactly a solo 401k is.

You're probably familiar or have heard of a 401k.

It's a popular tax advantage retirement plan that can be offered by employers.

And when you're self-employed, you may choose a similar account, but it's called

a solo 401k. You'll also hear it called a solo K, uni K, one participant 401k, self-employed 401k,

and individual 401k. So essentially, it's a plan that covers one employee.

However, it can also cover your spouse if you are both the only employees in your business.

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