In this episode, Katelyn breaks down how business owners can start building a retirement plan without feeling like they need to have everything figured out first. She explains why starting small and automating contributions can be more valuable than waiting until you can contribute a large amount, especially because of the impact of compounding over time.

She also walks through several retirement account options for self-employed business owners, including Traditional and Roth IRAs, SEP IRAs, Solo 401(k)s, SIMPLE IRAs and traditional 401(k) plans. Katelyn explains how your business structure, income, team size and tax strategy can influence which option makes the most sense.

Finally, she shares a simple annual retirement check-in system to help you review your contributions, account type, beneficiaries and whether your current retirement strategy still fits your business and your future goals.

Key Takeaways

• Self-employed business owners have to intentionally create the retirement systems that traditional employees often receive automatically.
• Starting small now can be more powerful than waiting years until you feel ready to contribute a larger amount.
• Automating a manageable monthly contribution can help make retirement investing a consistent habit.
• The right retirement account depends on factors such as income, payroll structure, employees, contribution goals and tax strategy.
• Retirement planning should be reviewed at least annually as your income, team and business structure change.

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Music credit: Neon Fairies by Wolves