Cover art for podcast Oh My Dollar!

Oh My Dollar!

137 EpisodesProduced by Oh My Dollar!Website

Lillian tackles your money overwhelm with practical, approachable financial advice (with a dash of glitter.) This is budgeting advice from someone that doesn't assume you're straight with a salary, retirement account, 2.5 kids, or a white picket fence. You'll get helpful advice for folks left out by… read more


How to Choose An Employee Retirement Plan as a Small Business

There's so many options out there for small business retirement plans for employers! How do you choose one you can afford and that won't cause headaches to administer?

Marcel wrote in: I’m a small business owner, who has recently expanded to have 8 employees. We’re doing well as a business, and I’d like to encourage my employees to save for retirement. What are my options?

Almost all these plans will require you to make any eligible employee able to use it, which means you can't set up one just for yourself as the business owner without also providing something to your eligible employees. You have the ability to set eligibility standards, but all accounts have a minimum requirement for employee eligibility (such as if they've worked there for 1000 hours a year, for at least a year, they have to have access to the account.) This is important to bare in mind if you are making employer contributions but have part-time or seasonal employees.

Your options as an employer

- Simple IRA: A relatively simple to administer retirement account that requires employer contributions of at least 2%  of the employee's salary, even if the employees don't contribute anything. There are no IRS filing requirements for the employer but you can only offer this plan. The annual contribution limit is $13,000 for employees under 50.

- SEP: A SEP (Simplified Employee Pension) IRA  A traditional IRA for self-employed people or small business owners. It has more recordkeeping requirements A small business owner with one employee or more, or anyone with a freelance income can open a SEP IRA. These are advantageous for owners because the contribution limits are high, but no employees can contribute to this plan for themselves - it's just employer contributions.  Individual employees who are eligible to participate in their employer's SEP plan must open individual Traditional IRAs to which their employers will deposit SEP contributions.

-401k/403B This is the "traditional" retirement plan, and it has the headaches meant for a large employer to administer it as far as recordkeeping requirements. It has the highest limits for non-owner employees, $18.500 per year for employees under 50.

-Allowing employees to contribute to a Roth or Traditional IRA through automatic deduction  This has no cost to you, just a little more work during payroll. Unless the Traditional IRA is set up as a SEP, you cannot contribute as an employer to these plans.

Ask us a question!

We love hearing from you! Email us your questions or successes at or tweet us at  @anomalily or @ohmydollar

This show is made paw-sible by listeners like you

We absolutely love our Purrsonal Finance Society Members, the folks that generously support Oh My Dollar with $1 or more a month on Patreon – and have made is so we have free, full transcripts for every show on This episode was underwritten by patron Tamsen G Association and Warrior Queen. To learn more about being part of the Purrsonal Finance Society and get cool perks like exclusive livestreams and cat stickers, you can visit

Full Transcript & In-depth show notes provided by our Patrons at

Learn more about your ad choices. Visit

Educational emoji reaction


Interesting emoji reaction


Funny emoji reaction


Agree emoji reaction


Love emoji reaction


Wow emoji reaction


Are you the creator of this podcast?

Verify your account

and pick the featured episodes for your show.

Listen to Oh My Dollar!


A free podcast app for iPhone and Android

  • User-created playlists and collections
  • Download episodes while on WiFi to listen without using mobile data
  • Stream podcast episodes without waiting for a download
  • Queue episodes to create a personal continuous playlist
RadioPublic on iOS and Android
Or by RSS
RSS feed

Connect with listeners

Podcasters use the RadioPublic listener relationship platform to build lasting connections with fans

Yes, let's begin connecting
Browser window

Find new listeners

  • A dedicated website for your podcast
  • Web embed players designed to convert visitors to listeners in the RadioPublic apps for iPhone and Android
Clicking mouse cursor

Understand your audience

  • Capture listener activity with affinity scores
  • Measure your promotional campaigns and integrate with Google and Facebook analytics
Graph of increasing value

Engage your fanbase

  • Deliver timely Calls To Action, including email acquistion for your mailing list
  • Share exactly the right moment in an episode via text, email, and social media
Icon of cellphone with money

Make money

  • Tip and transfer funds directly to podcastsers
  • Earn money for qualified plays in the RadioPublic apps with Paid Listens