{"id":827,"date":"2025-02-03T16:44:19","date_gmt":"2025-02-03T16:44:19","guid":{"rendered":"https:\/\/www.westevens.com\/blog\/?p=827"},"modified":"2025-02-03T22:44:55","modified_gmt":"2025-02-03T22:44:55","slug":"smart-retirement-savings-for-entrepreneurs","status":"publish","type":"post","link":"https:\/\/www.westevens.com\/blog\/smart-retirement-savings-for-entrepreneurs\/","title":{"rendered":"Smart Retirement Savings for Entrepreneurs"},"content":{"rendered":"<p><em>UPDATED FOR 2025 &#8211; 2\/3\/25 4:44 PM<\/em><\/p>\n<p>Dear Client,<\/p>\n<p>When it comes to saving for retirement as a small business owner, you have several options. Here\u2019s a quick guide to help you choose the best plan for your situation:<\/p>\n<p><strong>Traditional or Roth IRA<\/strong><\/p>\n<ul>\n<li><strong>What It Is:<\/strong>\u00a0A straightforward retirement account that you can set up even if you have no employees.<\/li>\n<\/ul>\n<ul>\n<li><strong>Contribution Limits for 2025:<\/strong>\u00a0$7,000 (or $8,000 if you&#8217;re 50 or older).<\/li>\n<\/ul>\n<ul>\n<li><strong>Need Help Deciding?<\/strong>\u00a0We\u2019re here to explain the differences between Roth and Traditional IRAs.<\/li>\n<\/ul>\n<p><strong>SEP IRA<\/strong><\/p>\n<ul>\n<li><strong>What It Is:<\/strong>\u00a0Ideal for self-employed individuals or small businesses with a few employees.<\/li>\n<\/ul>\n<ul>\n<li><strong>Contribution Limits for 2025:<\/strong> Up to 25% of your net self-employment income or $70,000, whichever is lower.<\/li>\n<\/ul>\n<p><strong>SIMPLE IRA<\/strong><\/p>\n<ul>\n<li><strong>What It Is:<\/strong>\u00a0Great for businesses with fewer than 100 employees who want to set up a savings plan.<\/li>\n<\/ul>\n<ul>\n<li><strong>Contribution Limits for 2025:<\/strong> Up to $16,500. Contributions are deductible, and those made to employee accounts count as deductible business expenses.<\/li>\n<\/ul>\n<p><strong>Solo 401(k)<\/strong><\/p>\n<ul>\n<li><strong>What It Is:<\/strong>\u00a0Perfect if you have no employees other than your spouse and want to make significant contributions.<\/li>\n<\/ul>\n<ul>\n<li><strong>Contribution Limits for 2025:<\/strong> As an employee, you can contribute up to $23,500 (or 100% of your income, whichever is less). As an employer, you can add up to 25% of your income. Your spouse can also contribute.<\/li>\n<\/ul>\n<p>Each plan has its benefits depending on your business structure and personal needs. If you\u2019re unsure which option is right for you, let\u2019s discuss your choices together.<\/p>\n<p>Sincerely,<\/p>\n<p>W.E. Stevens PC<\/p>\n<p class=\"last-child\"><em>Serving you through a thoughtful client experience, wise long-term perspective, and very experienced staff<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>UPDATED FOR 2025 &#8211; 2\/3\/25 4:44 PM Dear Client, When it comes to saving for retirement as a small business owner, you have several options. Here\u2019s a quick guide to help you choose the best plan for your<\/p>\n","protected":false},"author":2,"featured_media":828,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[14,12],"tags":[29,39,7,25,40,37,38,17],"_links":{"self":[{"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/posts\/827"}],"collection":[{"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/comments?post=827"}],"version-history":[{"count":3,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/posts\/827\/revisions"}],"predecessor-version":[{"id":910,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/posts\/827\/revisions\/910"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/media\/828"}],"wp:attachment":[{"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/media?parent=827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/categories?post=827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/tags?post=827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}