You maxed out your Roth IRA and have more money available to save; so where should your money go next?

In this episode, Abby Morton, CFP®, starts by helping creators and business owners think through what the right next step is. Retirement accounts come with valuable tax benefits, but they also come with restrictions. Before choosing an account, Abby explains what to consider, including how much money is available to save, how consistent the business income is, and whether that money may be needed before retirement.

Then, she breaks down some of the most common retirement accounts available to business owners including the SEP IRA, Solo 401(k), SIMPLE IRA, and traditional 401(k) and explains the pros, cons, savings potential, and how having employees can change the decision.

If your business is growing and there’s more money available to save beyond the Roth IRA, this episode will help you understand your options and decide what your next step should be.

Key Moments:

00:00 — You Maxed Out Your Roth IRA. Now What?

02:05 — 3 Questions to Ask Before Choosing an Account

05:32 — Your Main Retirement Plan Options

07:13 — SEP IRA: Simple With High Savings Potential

08:45 — 401(k): More Flexibility

09:42 — SIMPLE IRA: An Option for Small Teams

11:20 — Comparing the Contribution Limits

13:17 — Where to Open Your Retirement Account

14:37 — Can You Contribute to Two 401(k)s?

15:53 — Which Retirement Account Is Right for You?

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Disclosure:

Investment advisory services are offered through Creator Money, a DBA of Forefront Advisor Network, an Investment Adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. The presence of this podcast shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons in another jurisdiction unless otherwise permitted by statute. FAN/FWP will not provide follow-up or individualized responses to consumers in a particular state when rendering personalized investment advice for compensation without first complying with jurisdiction requirements or pursuant to an applicable state exemption. All information or ideas provided should be discussed in detail with an advisor, accountant, or legal counsel before implementation. Investing in securities involves risks, including the potential for loss of principal. There is no guarantee that any investment plan or strategy will be successful.