Episode 192: Solo 401k vs SEP IRA - Which Is the Better Choice?

Send us Fan MailIf you’re a physician with 1099 income, locums work, or a small private practice, choosing between a Solo 401(k) and a SEP IRA can have a huge impact on how much you’re able to save for retirement.In this episode, we compare Solo 401(k)s and SEP IRAs in plain language and walk through real physician examples to show how contribution limits change based on income type, age, and whether a spouse works in the business.In this episode, you’ll learn:The key differences between a Solo 401(k) and a SEP IRAWhy SEP IRAs are simple—but often limiting for physiciansHow Solo 401(k)s allow higher contributions, especially after age 50When a SEP IRA might make senseHow spouse employees and side income affect retirement planningPhysician scenarios covered:A high-income independent contractor physicianA W-2 physician with locums side incomeA physician-owned practice with a spouse as the only employeeWe compare contribution limits at age 45 and age 55 and explain why the Solo 401(k) often allows physicians to save tens of thousands more per year than a SEP IRA.Key takeaway:For many physicians, the Solo 401(k) offers more flexibility, higher contribution limits, and better long-term tax planning than a SEP IRA—but the right choice depends on how your income is structured.Please subscribe and leave a review on your favorite Podcasting platform. Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakesIf you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbookDr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .You can learn more about Elisa at her website or follow her on social media.Website: https://ww.GrowYourWealthyMindset.comInstagram https://www.instagram.com/GrowYourWealthyMindsetFacebook https://www.facebook.com/ElisaChianghttps://www.facebook.com/GrowYourWealthyMindsetYouTube: https://www.youtube.com/c/WealthyMindsetMDLinked In: www.linkedin.com/in/ElisaChiang Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...