"I just have a regular IRA. That's all I can do since I don't have an employer 401(k), right?"
I hear this constantly from wellness practitioners—chiropractors, naturopaths, therapists, yoga instructors, massage therapists. You're building successful practices, but when it comes to retirement savings, you think you're limited to the same $7,500 IRA contribution limit as everyone else.
Here's what many self-employed professionals don't realize: You may have access to retirement accounts that may let you save significantly more than traditional employees.
The Retirement Accounts Many Wellness Entrepreneurs Miss
If you're self-employed or own your practice, you're not limited to traditional or Roth IRAs. You have options that could accelerate your retirement savings.
SEP IRA (Simplified Employee Pension)
You can contribute up to 25% of eligible employee compensation, with a maximum of $72,000 for 2026. If you had a strong year, this lets you make substantial contributions while reducing your taxable income.
May be a good fit if: You have variable income and want flexibility in contribution amounts year to year.
Solo 401(k) (Individual 401(k))
You can contribute as both employer and employee—up to $72,000 total for 2026 (or $80,000 if you're 50+). This gives you more control and potentially higher contribution limits than a SEP IRA, especially if your income is lower.
May be a good fit if: You want to maximize contributions and don't have employees (or only employ your spouse).
SIMPLE IRA
Allows up to $17,000 in employee contributions for 2026 ($21,000 if 50+) for small businesses with less than 25 employees, plus a required employer match. Less paperwork than a Solo 401(k) but lower contribution limits.
May be a good fit if: You have a few employees and want something straightforward.
Why This Matters for Variable Income
Wellness entrepreneurs often experience income fluctuations—busy seasons, slow months, project-based work. The right retirement account structure can help you:
- Save aggressively in high-income years to help make up for leaner periods
- Potentially reduce taxable income when you have a spike in earnings
- Build long-term wealth even when cash flow feels unpredictable
- Create tax efficiency that compounds over decades
The Question You Should Be Asking
Instead of "What can I contribute to my IRA?" ask:
"What retirement account structure best fits my practice and income patterns?"
The answer depends on your specific situation—such as, how much you're earning, whether you have employees, how variable your income is, and what your long-term wealth goals look like.
What I See Happen Too Often
Talented wellness practitioners often spend years contributing the IRA maximum ($7,500) when they could have been saving $30,000, $50,000, or more annually in the right retirement structure.
That's not just about the contributions—it's about decades of compounding growth potential you're leaving on the table.
The Well-Wealth Approach
Financial wellness for wellness entrepreneurs means understanding the tools available to you—not just defaulting to what W-2 employees use.
Your practice deserves a retirement strategy as intentional as the care you provide your clients.
Ready to explore which retirement strategy may fit your practice?
Take our 3-minute Wealth Wellness Path Finder to discover the financial planning approach that aligns with your unique situation.
[Take the Path Finder] →
www.whole-wealth.com/
Or schedule a no cost consultation to discuss retirement strategies for your specific income pattern.
Warmly,
Erica
