Meet Cody, Freelance Photographer & Graphic Designer

After longing for greater flexibility in his career and a better work-life balance, Cody decided to leave his corporate job and start his own freelance photography and graphic design business.

With his business in operation for more than four years, Cody and his financial advisor decided it was time to start an employer-sponsored retirement plan. Cody understands the importance of retirement security and had already started saving for his future by contributing to the 401(k) offered by his previous employer. When he left that job to start his own small business, Cody rolled his 401(k) savings over into a separate IRA to continue growing his nest egg.

After discussing the differences between IRA and 401(k) with his financial advisor—and with goals of hiring additional staff and maximizing/matching his own contributions—Cody decided a CoPilot Prime Solo(k) 401(k) plan made the most sense. He included the option for an employer discretionary match and allows for loans on the plan. These features give Cody the ability to contribute as both the employee and the employer in the plan, maximizing his total savings opportunity. If needed, he can also take a loan from his savings and pay it back (with interest) to himself over time.

His financial advisor helps keep the plan running smoothly, while the CoPilot Prime service manages the investments and takes care of many day-to-day administrative responsibilities, allowing Cody to focus on running his business.

Many small business owners can relate to Cody’s goals, attitudes, and challenges when it comes to running his small business while also preparing for a financially-secure future.

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