The Grow Your Wealthy Mindset Podcast
Grow your wealth by working on your mindset and up leveling your game. Your thoughts about money have created your current financial net worth. Sadly, there are many physicians who are have earned a good income but have not built wealth. More and more physicians are becoming burned out as our health care system continues to change. Join the movement of physicians embarking on the journey to take matters in our own hands so we can continue to thrive. Tune in each week to learn more on how to grow your wealthy mindset! Imagine your life when you have the financial knowledge to create wealth so you can practice medicine on your own terms. Please subscribe and leave a review on your favorite Podcasting platform. You can learn more about Elisa at her website or follow her on social media. Website: www.GrowYourWealthyMindset.comInstagram https://www.instagram.com/GrowYourWealthyMindsetFacebook https://www.facebook.com/ElisaChianghttps://www.facebook.com/GrowYourWealthyMindsetYouTube: https://www.youtube.com/c/WealthyMindsetMDLinked In: www.linkedin.com/in/elizabeth-chiang-0582a432
The Grow Your Wealthy Mindset Podcast
Episode 192: Solo 401k vs SEP IRA - Which Is the Better Choice?
If you’re a physician with 1099 income, locums work, or a small private practice, choosing between a Solo 401(k) and a SEP IRA can have a huge impact on how much you’re able to save for retirement.
In this episode, we compare Solo 401(k)s and SEP IRAs in plain language and walk through real physician examples to show how contribution limits change based on income type, age, and whether a spouse works in the business.
In this episode, you’ll learn:
- The key differences between a Solo 401(k) and a SEP IRA
- Why SEP IRAs are simple—but often limiting for physicians
- How Solo 401(k)s allow higher contributions, especially after age 50
- When a SEP IRA might make sense
- How spouse employees and side income affect retirement planning
Physician scenarios covered:
- A high-income independent contractor physician
- A W-2 physician with locums side income
- A physician-owned practice with a spouse as the only employee
We compare contribution limits at age 45 and age 55 and explain why the Solo 401(k) often allows physicians to save tens of thousands more per year than a SEP IRA.
Key takeaway:
For many physicians, the Solo 401(k) offers more flexibility, higher contribution limits, and better long-term tax planning than a SEP IRA—but the right choice depends on how your income is structured.
Please subscribe and leave a review on your favorite Podcasting platform.
Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes
If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook
Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .
You can learn more about Elisa at her website or follow her on social media.
Website: https://ww.GrowYourWealthyMindset.com
Instagram https://www.instagram.com/GrowYourWealthyMindset
Facebook https://www.facebook.com/ElisaChiang
https://www.facebook.com/GrowYourWealthyMindset
YouTube: https://www.youtube.com/c/WealthyMindsetMD
Linked In: www.linkedin.com/in/ElisaChiang
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