Which plan should I pick?

Depends on income, whether you have employees, and how much administrative work you'll tolerate. Solo 401(k) gives the highest contribution capacity for solo earners; SEP-IRA gives the most simplicity; SIMPLE IRA fits businesses with employees. We run your numbers and recommend.

How much can I contribute?

Depends on plan and net self-employment earnings. SEP-IRA: up to 25% of net SE earnings, $70K cap in 2025. Solo 401(k): $23,500 employee deferral + employer profit-sharing, up to $70K total ($77,500 if 50+) in 2025. SIMPLE IRA: $16,500 employee + employer match, $20K if 50+.

Do you pick the investments?

No. That's your financial advisor's role. We help you choose the plan structure and handle paperwork. If you don't have an advisor, we refer to local Twin Cities advisors we trust.

What if I have employees?

Solo 401(k) is off the table (it's only for owners + spouses). SEP-IRA becomes complex because it requires equal-percentage contributions for all eligible employees. SIMPLE IRA is usually the answer.

Can I have more than one plan?

Sometimes. A Solo 401(k) + a backdoor Roth IRA + a spousal IRA can all coexist. The contribution limits across plans interact in specific ways. We map the combinations.

Retirement plans

Retirement plan setup, matched to your actual income.

Self-employed retirement plans look the same on paper and behave wildly differently in practice. SEP-IRA, Solo 401(k), or SIMPLE IRA — the right answer depends on your income, your structure, your spouse's involvement, and whether you have employees. We run the math, recommend the plan, file the paperwork.

Email us about this See all services

What this is

Setting up the plan and filing the paperwork — not picking the investments.

Self-employed and owner-operator retirement plans give you a tax-advantaged way to save for retirement that scales with your income. SEP-IRA is the simplest. Solo 401(k) is the most flexible (especially for high earners who want Roth contributions). SIMPLE IRA is for businesses with employees who want a lower-cost option than a traditional 401(k). Each has its own contribution limits, deadlines, and paperwork rhythm. We help you pick the right plan for your situation, file the setup paperwork, and calculate annual contribution maxes. We don't pick investments — that's your advisor's job, and we refer when you don't have one.

The plan types

SEP-IRA contributions can be made up to the tax filing deadline (including extensions) — meaning you can decide in October to fund the prior year's SEP. Solo 401(k) is different: the plan must EXIST by December 31 of the year you want to contribute for. So a December 30 phone call to set up a Solo 401(k) for that year is fine; a January 2 phone call is too late. SIMPLE IRA has its own October 1 deadline for new-plan setup. We track all three. The 65-day rule and other extensions exist but apply narrowly — easier to set up the plan early and decide funding amounts at filing time.

Common questions