Listener Retirement Planning Question: To SEP Or Not To SEP. Your Financial Advisor Might Not Be Your Friend...

Today I got an email from a guy with the initials A.J.

Here's the exact text:

Quick question. I am self-employed and started my own business after being in a partnership for six years. Seven months of 2021 I got to 302,000 so I decided that it is time to talk to Financial Advisor. I want to contribute to a sep IRA but he is saying that instead he recommends a individual joint account with my wife which would also be invested the same SSS in American funds active core. Both will get the same amount of return the difference is tax deferred versus not and one I can pull money out at any time versus the other not to 59 1/2 what are your recommendations do you think the sep is still the right way to go? Main goal is retirement

Man, I wish my business would've pulled in $300K in seven months.

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