Selling Your Business: How to Save More for Retirement – 7.2.26

Business owners have several retirement plan options. However, choosing the right one depends on income, savings goals, and future business plans.

In this episode of Healthy, Wealthy & Wise, Tessa speaks with BWFA Financial Planner Tyler Kluge about retirement plans designed for business owners. They compare SIMPLE IRAs, SEP IRAs, and individual 401(k) plans, discussing the advantages and limitations of each.

Tyler explains why an individual 401(k) may allow some business owners to contribute significantly more toward retirement. In addition, he discusses how employee and employer contributions work together to increase annual savings.

The conversation also explores profit-sharing contributions and how hiring employees may affect retirement plan decisions. Furthermore, Tyler explains why business owners should consider future growth before selecting a retirement plan.

Finally, they discuss rollover opportunities, plan flexibility, and when it may make sense to transition from one retirement plan to another as a business evolves.

Ultimately, selecting the right retirement plan can help business owners maximize tax-advantaged savings as they prepare for retirement. Working with experienced financial professionals can also help ensure your retirement strategy supports both your personal and business goals.

This episode is part three of BWFA’s Business Owner Series, which explores business planning, valuation, retirement strategies, and successful business transitions.