The #1 Retirement Mistake Business Owners Make (And How to Fix It)
The #1 Retirement Mistake Business Owners Make (And How to Fix It)  
Podcast: Small Business Tax Savings Podcast
Published On: Wed Jul 30 2025
Description: Send us a textRetirement 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.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ 🚀 Build a smarter retirement strategy for your business. Visit: https://lifeincrs.com/tax-savings-podcast/  Chapters:(00:00) Most Business Owners Are in the Wrong PlanMost entrepreneurs are saving in the wrong retirement account—or missing out completely.(01:42) Scenario 1: Solo Owner Saving Less Than $6KIf 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 $12KExplore 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 & RetainUse a SIMPLE or Traditional 401(k) to attract employees without overcommitting on costs.(21:32) Scenario 5: Max Out Retirement With EmployeesHow 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 & MatchesSecure 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 2025Important 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 PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe 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.