Happy Thanksgiving! This week, we celebrated a big milestone: several clients and their team members maxed out their 2025 401k contributions. 

Many of you started your business because you wanted more control, more stability, and a real shot at building wealth for yourself.

But every year, around this time, something predictable happens. 

Work projects get chaotic, family obligations pile up, and retirement planning gets put off until tax time. Then March rolls around, and your accountant says, “You should have done this back in December.”

Then you realize that your solo 401(k) must be opened by December 31, and you want to cry.

Today, I’m going to help you avoid those tears.

Right now is the moment when small business owners like you can make a single decision that shapes your financial future: whether to open and fund a 401(k) plan before year-end. For many of you, this may be your best chance to save tens of thousands of dollars for yourself instead of sending it to the IRS.

By the end of this, you’ll have the clarity you need to take one informed step now that sets yourself up for success next year… without waiting for a tax-season panic attack to force your hand.

Does saving for retirement make sense right now?

Before you jump into plan types, look at what your business needs today.

As much as you might want to save on taxes, you may also need cash for January payroll, tariff-related costs, or a slower start to the year. Remember that a solo 401(k) account needs to be opened now, but you may have flexibility on when you actually contribute. 

If you feel nervous about the state of the economy or stock market, remember: contributing isn’t the same as investing. 

You can contribute to your retirement account for the tax benefit, but leave the money parked in cash or a money market option until you feel more confident in your investment options..

🔎 Go deeper: Is retirement savings worth it this year?

Which plan fits your situation best?

As a business owner, you’ve got a few options for business retirement savings plans:

• A solo 401(k) is usually the strongest option if you want the highest level of flexibility and savings. Contributions aren’t tied to your profitability, which means you can save even in years when you reinvest heavily or pay yourself a modest salary.

• A SEP IRA is easier to set up and can be opened later, but what you can contribute depends entirely on either your W-2 wages or your business profits. If your income fluctuates or you’re still ramping up, that may cap your savings more than you want.

• A SIMPLE IRA is a fine starter plan if you’re early in your business journey, but the lower contribution limits make it less useful once you’re ready to save at higher levels.

If you use a payroll provider, start by looking at their integrated 401(k) options, which cuts down on your admin workload. If you use Gusto, I recommend their turnkey partners Guideline, VestWell, or Betterment. 

🔎 Go deeper: Choosing the right small business retirement plan for you

If you decide to move forward with retirement savings, keep it simple

Once you know what plan works for you, getting started is pretty straightforward:

• Choose your provider.

• Open the account, which can take 7-10 days. 

• Make your contribution by your tax deadlines. If you have an S-corp, contribute your employee deferral by December 31.

• Leave the funds in cash if the market feels too turbulent. 

Really, that’s it. 

I know, you’ve already got a lot on your plate right now

So don’t beat yourself up if you haven’t been sitting around thinking, “You know what sounds fun? More HR stuff.” But this is one of those decisions that pays you back in ways your future self will actually feel. 

So, if you have the cash, make the move. If you don’t, give yourself credit for being honest about what your business needs. Either way, you’re making an informed decision now instead of letting the tax calendar make it for you later.

We’re now fully into your end-of-year checklist, but let’s do a quick roundup of the most important dates:

• November 27: Thanksgiving federal holiday

• November 29: Small Business Saturday

• December 1: Last day your very accommodating vendor might be able to add a small group health insurance plan

• December 7-10: Small group open enrollment deadline (yours may be earlier)

• December 15: Deadline for marketplace open enrollment for January 1 (plus first premium payment) 

• December 19: Last day to expect professional partners to be in the office

• December 26: Last day for most payroll runs with direct deposit

December 31: Last day to open a 401(k) retirement account or make purchases for 2025 qualified expense deductions

Statista’s newest consumer survey shows what most of us already feel:  most Americans are worried about meeting their basic needs. Pandemic-era concerns like health and social security have been replaced by inflation and the cost of living. Poverty and housing are now bigger worries than climate or immigration. While the US economy is growing,  that’s not the reality for how most people are spending, saving, and making decisions.

A former senior finance exec for the Atlanta Hawks was charged with embezzling $3.8 million from the NBA team, all while managing their credit cards and financial reporting. For years, he faked emails, rewrote financial documents, and buried personal spending like luxury trips and a Porsche in team operations. This is exactly why you need to have financial controls and keep final approval on spending. Trust is great. Oversight is better.

Food writer Mark Bittman just opened a nonprofit fine dining restaurant in New York City. Nine courses for $15? That’s what’s happening at Community Kitchen. On the Lower East Side of Manhattan, the restaurant pays its workers a living wage and sources food locally. When diners reserve, they choose the price for their nine-course meal:  $15, $45, or $125. So far, it seems to be working. If you check it out, send me your review!