The #1 Retirement Mistake Business Owners Make (And How to Fix It)

Small Business Tax Savings Podcast

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Retirement expert Matt Ruttenberg walks through 5 real-world business scenarios and how to choose the smartest retirement plan for each. Whether you're flying solo or managing a growing team, this episode breaks down IRA, SEP, SIMPLE, 401(k), and advanced options in a simple way… Plus, how to take advantage of powerful tax credits.

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Chapters:

(00:00) Most Business Owners Are in the Wrong Plan
Most entrepreneurs are saving in the wrong retirement account—or missing out completely.

(01:42) Scenario 1: Solo Owner Saving Less Than $6K
If you're saving under $7,000/year, a traditional or Roth IRA is likely all you need.

(03:57) Scenario 2: Solo Owner Saving Around $12K
Explore SEP vs. SIMPLE IRA options based on your business type and how you pay yourself.

(07:51) Scenario 3: Solo Owner Saving $25K+
When your savings goals go up, consider a Solo 401(k) for higher limits and flexibility.

(16:02) Scenario 4: Business With Employees—Recruit & Retain
Use a SIMPLE or Traditional 401(k) to attract employees without overcommitting on costs.

(21:32) Scenario 5: Max Out Retirement With Employees
How to design a Safe Harbor 401(k), profit sharing, and defined benefit plan to maximize owner contributions while minimizing employee costs.

(26:57) Big Tax Credits That Cover Admin Costs & Matches
Secure 2.0 offers up to $50,000 in tax credits for new retirement plans—free money you shouldn’t miss.

(30:52) Setup Deadlines & What to Know for 2025
Important plan setup deadlines and why talking to a specialist can prevent costly mistakes.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
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🎙 ABOUT THE PODCAST
The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.