by
Garrett Clark
Retirement Planning
Why 9 in 10 Entrepreneurs Wish They Started Saving Earlier-What First Responders Can Learn
Nearly 90% of entrepreneurs admit they regret not saving for retirement sooner. But this isn’t just a lesson for business owners—it’s a wake-up call for first responders, too. In this blog, we explore the parallels between entrepreneurship and emergency service careers, and how discipline, long shifts, and unpredictable schedules often lead both groups to delay financial planning. Discover how first responders can avoid the same pitfalls, take control of their retirement early, and build long-term wealth with tools like the Solo 401(k).
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Running into burning buildings or responding to emergencies doesn't leave much time to consider retirement plans, especially when you're also running a side business. But if there's one lesson we can borrow from the broader entrepreneurial community, it's this: start saving early.
The Regret Is Real: 9 in 10 Entrepreneurs Wish They Started Sooner
A 2023 survey by Guidant Financial found that 89% of small business owners regret not setting up retirement plans earlier. Many were so focused on reinvesting profits or covering day-to-day expenses that long-term savings got pushed aside. The irony? They had one of the most powerful savings tools: the Solo 401(k).
Why First Responders with Side Businesses Are in The Same Boat
If you're a firefighter, paramedic, or police officer running a side hustle - whether it's carpentry, consulting, fitness coaching, or real estate -you're more like an entrepreneur than you might think. You wear multiple hats. You're time-poor. And like many small business owners, you may not realize the retirement benefits available to you. Most first responders focus on their pension or 457(b) plans. But that's only one piece of the puzzle. A Solo 401(k) lets you contribute both as the employer and the employee, supercharging your retirement savings while lowering your taxable income.
The Numbers Speak for Themselves
Let's say you earn $75,000 annually from your full-time role and make an additional $20,000 from your side business.
With a Solo 401(k), here's what you could do:
Contribute up to $23,000 as an "employee" (2025 limit) across all 401(k) plans.
Then, contribute up to 20% of your net self-employment income (roughly $4,000) as an "employer" from your side gig.
That's $27,000 tax-deferred in 2025, even without maxing out your full-time employer's plan
Now run that through a compounding calculator. Even modest annual contributions of $10,000 over 20 years at 8% growth could build over $450,000 in retirement savings.
Running into burning buildings or responding to emergencies doesn't leave much time to consider retirement plans, especially when you're also running a side business. But if there's one lesson we can borrow from the broader entrepreneurial community, it's this: start saving early.
The Regret Is Real: 9 in 10 Entrepreneurs Wish They Started Sooner
A 2023 survey by Guidant Financial found that 89% of small business owners regret not setting up retirement plans earlier. Many were so focused on reinvesting profits or covering day-to-day expenses that long-term savings got pushed aside. The irony? They had one of the most powerful savings tools: the Solo 401(k).
Why First Responders with Side Businesses Are in The Same Boat
If you're a firefighter, paramedic, or police officer running a side hustle - whether it's carpentry, consulting, fitness coaching, or real estate -you're more like an entrepreneur than you might think. You wear multiple hats. You're time-poor. And like many small business owners, you may not realize the retirement benefits available to you. Most first responders focus on their pension or 457(b) plans. But that's only one piece of the puzzle. A Solo 401(k) lets you contribute both as the employer and the employee, supercharging your retirement savings while lowering your taxable income.
The Numbers Speak for Themselves
Let's say you earn $75,000 annually from your full-time role and make an additional $20,000 from your side business.
With a Solo 401(k), here's what you could do:
Contribute up to $23,000 as an "employee" (2025 limit) across all 401(k) plans.
Then, contribute up to 20% of your net self-employment income (roughly $4,000) as an "employer" from your side gig.
That's $27,000 tax-deferred in 2025, even without maxing out your full-time employer's plan
Now run that through a compounding calculator. Even modest annual contributions of $10,000 over 20 years at 8% growth could build over $450,000 in retirement savings.
“Regret doesn’t build retirement, action does. The sooner you start saving, the less you’ll wish you had.”
Garrett Clark
Director of Sales
Solo 401(k) = Tax Break + Future Cushion
The benefits aren't just about the future. Contributing to a Solo 401(k) reduces your taxable income today, which could push you into a lower tax bracket-saving you money now while preparing you for the long run. Plus, Solo 401(k)s allow Roth contributions, loan options, and catch-up contributions after age 50- more flexibility than a SEP IRA or traditional brokerage account.
Avoiding the Regret: The First Responder Advantage
As a first responder, you've already built the discipline, resilience, and service-first mentality that most entrepreneurs envy. But don't let that dedication to others come at the cost of your financial security. You don't need to be a full-time business owner to benefit from a Solo 401(k). You just need self-employment income and the desire to take control of your financial future.
Save Early, Sleep Better
Entrepreneurs overwhelmingly wish they'd started earlier. You don't have to make the same mistake. Whether you're flipping houses, running a part-time landscaping service, or selling fitness programs, your side income is more than extra cash - it's a golden opportunity to build lasting wealth.
So if you're a first responder with a side hustle, ask yourself: Am I saving like a business owner-or just earning like one?
Ready to start your Solo 401(k)?
Reach out today to explore how you can set up a plan that matches your goals, income, and mission. Visit www.survival401k.com for more information or to schedule a meeting today!
Solo 401(k) = Tax Break + Future Cushion
The benefits aren't just about the future. Contributing to a Solo 401(k) reduces your taxable income today, which could push you into a lower tax bracket-saving you money now while preparing you for the long run. Plus, Solo 401(k)s allow Roth contributions, loan options, and catch-up contributions after age 50- more flexibility than a SEP IRA or traditional brokerage account.
Avoiding the Regret: The First Responder Advantage
As a first responder, you've already built the discipline, resilience, and service-first mentality that most entrepreneurs envy. But don't let that dedication to others come at the cost of your financial security. You don't need to be a full-time business owner to benefit from a Solo 401(k). You just need self-employment income and the desire to take control of your financial future.
Save Early, Sleep Better
Entrepreneurs overwhelmingly wish they'd started earlier. You don't have to make the same mistake. Whether you're flipping houses, running a part-time landscaping service, or selling fitness programs, your side income is more than extra cash - it's a golden opportunity to build lasting wealth.
So if you're a first responder with a side hustle, ask yourself: Am I saving like a business owner-or just earning like one?
Ready to start your Solo 401(k)?
Reach out today to explore how you can set up a plan that matches your goals, income, and mission. Visit www.survival401k.com for more information or to schedule a meeting today!
Running into burning buildings or responding to emergencies doesn't leave much time to consider retirement plans, especially when you're also running a side business. But if there's one lesson we can borrow from the broader entrepreneurial community, it's this: start saving early.
The Regret Is Real: 9 in 10 Entrepreneurs Wish They Started Sooner
A 2023 survey by Guidant Financial found that 89% of small business owners regret not setting up retirement plans earlier. Many were so focused on reinvesting profits or covering day-to-day expenses that long-term savings got pushed aside. The irony? They had one of the most powerful savings tools: the Solo 401(k).
Why First Responders with Side Businesses Are in The Same Boat
If you're a firefighter, paramedic, or police officer running a side hustle - whether it's carpentry, consulting, fitness coaching, or real estate -you're more like an entrepreneur than you might think. You wear multiple hats. You're time-poor. And like many small business owners, you may not realize the retirement benefits available to you. Most first responders focus on their pension or 457(b) plans. But that's only one piece of the puzzle. A Solo 401(k) lets you contribute both as the employer and the employee, supercharging your retirement savings while lowering your taxable income.
The Numbers Speak for Themselves
Let's say you earn $75,000 annually from your full-time role and make an additional $20,000 from your side business.
With a Solo 401(k), here's what you could do:
Contribute up to $23,000 as an "employee" (2025 limit) across all 401(k) plans.
Then, contribute up to 20% of your net self-employment income (roughly $4,000) as an "employer" from your side gig.
That's $27,000 tax-deferred in 2025, even without maxing out your full-time employer's plan
Now run that through a compounding calculator. Even modest annual contributions of $10,000 over 20 years at 8% growth could build over $450,000 in retirement savings.
“Regret doesn’t build retirement, action does. The sooner you start saving, the less you’ll wish you had.”
Garrett Clark
Director of Sales
Solo 401(k) = Tax Break + Future Cushion
The benefits aren't just about the future. Contributing to a Solo 401(k) reduces your taxable income today, which could push you into a lower tax bracket-saving you money now while preparing you for the long run. Plus, Solo 401(k)s allow Roth contributions, loan options, and catch-up contributions after age 50- more flexibility than a SEP IRA or traditional brokerage account.
Avoiding the Regret: The First Responder Advantage
As a first responder, you've already built the discipline, resilience, and service-first mentality that most entrepreneurs envy. But don't let that dedication to others come at the cost of your financial security. You don't need to be a full-time business owner to benefit from a Solo 401(k). You just need self-employment income and the desire to take control of your financial future.
Save Early, Sleep Better
Entrepreneurs overwhelmingly wish they'd started earlier. You don't have to make the same mistake. Whether you're flipping houses, running a part-time landscaping service, or selling fitness programs, your side income is more than extra cash - it's a golden opportunity to build lasting wealth.
So if you're a first responder with a side hustle, ask yourself: Am I saving like a business owner-or just earning like one?
Ready to start your Solo 401(k)?
Reach out today to explore how you can set up a plan that matches your goals, income, and mission. Visit www.survival401k.com for more information or to schedule a meeting today!