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Read these Articles

Our blog contains a lot of resources related to money, personal finances, and business finances.

self employed 401k fidelity

The Ultimate Retirement Guide for Small Business Owners: Build Wealth Without Burning Out

July 09, 20254 min read

Let’s Get Real—You Deserve to Retire Too

If you're running a business, chances are retirement feels more like a fantasy than a plan.

"Retire? With what time? With what money?"

You’re not alone. Most small business owners are so focused on growth, payroll, taxes, and simply keeping the lights on that retirement slips down the list. But here’s the truth:

You are your most valuable asset—and you deserve a retirement plan just as much as any corporate employee.

This guide will show you how to build a retirement strategy that feels doable, tax-smart, and tailored for business owners like you—whether you’re just starting out or looking to exit soon.

Step 1: Define Your Vision of Retirement

Forget what you’ve been told about retirement being a rocking chair and a golf cart. What does freedom look like for you?

  • Taking a year to travel?

  • Spending more time with family?

  • Pivoting into advisory or part-time passion projects?

This is your North Star. Once you’re clear on the lifestyle you want, we can reverse-engineer the financial strategy to get there.

Step 2: Pick the Right Retirement Account

There’s no one-size-fits-all. Here are the top retirement accounts that work well for business owners:

Solo 401(k) – A top pick for solopreneurs

If you’re self-employed with no full-time employees (other than your spouse), the Solo 401(k) is a goldmine. Why?

  • You can contribute as both the employee and employer (up to $69,000 in 2024)

  • Choose between pre-tax and Roth contributions

  • Great for maximizing tax deductions

Want to DIY? The Self-Employed 401(k from Fidelity and the Schwab Solo 401(k) are two of the most popular, low-cost options out there. Both offer access to solid investments and are relatively easy to manage once set up.

SEP IRA – Flexible and easy to manage

  • Contribute up to 25% of your compensation

  • Contributions are tax-deductible

  • Ideal if you want to keep things simple and don’t have full-time employees

SIMPLE IRA – For small teams

  • Works for businesses with fewer than 100 employees

  • Employer is required to contribute (match or fixed %)

  • Great if you want to offer a retirement benefit to your team without 401(k)-level admin

Defined Benefit Plan – Max it out late-career

  • Think of this as a personal pension plan

  • Contributions can exceed $100K per year depending on your age and income

  • Best for high-income earners who want to catch up fast before exiting the business

Roth IRA – Tax-free retirement income

  • After-tax contributions

  • No taxes on withdrawals in retirement

  • Can be layered on top of other plans for long-term flexibility

Step 3: Automate Contributions (So You Actually Save)

You won’t build wealth if you’re saving “whatever’s left” at the end of the month.

  • Set a fixed % of your owner pay or net profit to transfer monthly

  • Use automations through your bank or brokerage account

  • Revisit quarterly and increase your contributions when you grow

Make Future You non-negotiable.

Step 4: Your Business Isn’t Your Retirement Plan

This is a hard one. Many business owners assume their exit or sale will fund their retirement. But that’s risky:

  • Businesses don’t always sell on your timeline

  • Market downturns can cut your valuation in half

  • Health issues or burnout may force an early exit

Instead, let’s treat your business as one part of your wealth—not the whole pie. You want liquid, diversified investments you can access no matter what happens.

Step 5: Consider Your Team

If you have employees, offering retirement plans doesn’t just help them—it helps you:

  • Attract and retain better talent

  • Build team loyalty

  • Save on taxes with employer contributions

Start simple. A SIMPLE IRA or a Safe Harbor 401(k) are often great starting points. Platforms like Gusto or Guideline make plan setup and admin easier than ever.

Step 6: Maximize Your Strategy with These Advanced Moves

Once you’ve got the basics down, here’s how to take it to the next level:

Profit Sharing Plan

  • Add a flexible contribution plan tied to company performance

Cash Balance Plan

  • Great for high-income earners wanting a defined benefit model + large contributions

Tax Planning Layer

  • Use your retirement plan in tandem with an S Corp, HSA, or real estate investments to create multiple streams of tax-optimized income

Bonus: Provider Comparison – Fidelity vs. Schwab for Solo 401(k)

Feature

Fidelity Self-Employed 401(k)

Schwab Solo 401(k)

Fees

No setup or admin fees

No setup or admin fees

Investment Options

Full range of mutual funds, ETFs, and stocks

Broad mix of index funds and low-cost ETFs

Application

Paper-based

Paper-based

Support

Strong online tools + live help

Excellent customer service + research tools

📌 Both are trusted options. Choose based on where you already invest or which interface you prefer.

Your 7-Step Retirement Checklist

Retirement Is the Ultimate Freedom Plan

You didn’t build your business to work forever. You built it for freedom, impact, and legacy.

Retirement isn’t the end. It’s the reward—and with a solid plan, it can be just as intentional and powerful as your business journey.

Start where you are. Set your vision. Automate your wealth. The future you deserve is built from the choices you make today.

💡 Want help mapping out your money management plan for your retirement? Grab our Free Business Owner Retirement Toolkit with plan comparisons, checklists, and worksheets to take the guesswork out of building wealth.

Let’s make sure you retire like the CEO you are.


schwab solo 401kself employed 401k fidelity
blog author image

Simone Cimiluca-Radzins, CPA

Simone is a CPA and financial expert.

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