Comparing Retirement Accounts for Business Owners: Self-Directed IRA vs. Solo 401(k) vs. SEP IRA

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SCRIPT
In this video, you’ll learn about three common retirement accounts for business owners: a Self-Directed IRA, Solo 401(k), and a Simplified Employee Pension or (SEP) IRA.

When exploring retirement accounts for business owners, you’ll find several creative options beyond standard IRAs tied to Wall Street products.

These options include a Self-Directed IRA, Solo 401(k) and a SEP IRA.

Understanding how the accounts differ can help you identify the one that best fits your retirement and business goals.

A Self-Directed IRA allows you to diversify your portfolio by investing in alternative assets such as real estate, cryptocurrency, private equity, and more.

If you choose to setup a Self-Directed IRA with Broad Financial, you can gain checkbook control of your retirement funds. With this feature, you can manage your investments directly, which allows you to act on investments quicker.

A Solo 401(k) caters specifically to self-employed individuals and small business owners with no full-time employees.

Broad Financial’s Self-Directed Solo 401(k) also offers checkbook control.

A SEP IRA is designed for small business owners, including sole proprietors and employers with a few employees.

With a SEP IRA, the employer makes tax-deductible contributions to their employees' retirement accounts.

When comparing the three, it’s helpful to look at several differentiators:

Contribution Limits
Understanding the contribution limits of each plan is crucial when assessing your retirement savings potential.

Flexibility and Control
The level of control and flexibility offered by each plan is another essential factor to consider.

Additional Considerations
You may also consider comparing the borrowing provisions, administrative responsibilities, and eligibility.

In any of these accounts, self-direction can enable exciting investment opportunities in alternative assets.

If self-direction is the route you choose, Broad Financial can help you set up the account that’s right for you.

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