Allie Howard

speaker

13,646 appearances 144 recordings 1 series first heard Dec 2024 last heard 7 Aug

Allie Howard’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 70 in all, peaking in Oct 2025 with 11.

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DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing · Starting a Business Retirement Plan · 8 Jun 2026 podcast

Insert business name here.

That is the business.

Nina.

is the employee so the business would take the expense the business would run the plan and because of that you have to have the same percentage for every employee now if it's just you and your spouse there's a little caveat in there sometimes you can do that if you're really wanting to go in and designate different percentages for different employees then they say well it has to be fair right

which means on the employee side, you can contribute a certain percentage.

But then on the employer side, they have to match the same percentage.

So that structure is a little bit closer to a simple IRA.

So as a broad answer to this question, I'd say if you think it would just be you for a while and you're in that position as a business, a SEP might make sense because you can get the business deduction for that.

And it's a little bit easier to set up.

Yep.

That kind of thing.

When it starts to get more complicated and you don't want to necessarily contribute for everyone the same exact way from an employer perspective, it might make sense to look at something like a simple IRA or explore a solo 401k or even put in something a little bit more elaborate with the 401k and some of the rules that kick in there.

Yeah.

So those are really broad starting points.

But again, if you're listening and you're in a scenario where you're looking to set up a self-employment plan, in my opinion, it really makes sense to talk to someone.

And it doesn't need to be us, but just make sure someone with an understanding of the taxes and the legality and the retirement plan rules.

is looking at your situation and figuring out the nuance.

Because what's a pain in the butt is if you set up a SEP and then in two years you're now ditching the SEP and setting up something else and setting up something else.

So sometimes you really want to be forward-looking.

Yeah.

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