Part 2 SEP IRAs In the last article we discussed in broad terms the three most common retirement plans for small to medium-sized businesses; SEP IRAs, SIMPLE IRAs, and 401(k) plans. In this article we will focus on SEP IRAs and their benefits for employers and employees. What is a SEP IRA? A SEP IRA (Simplified Employee Pension Individual Retirement Account) is a retirement plan designed for self-employed individuals and small business owners, allowing them to save for retirement for themselves and their employees, if they have any. It's easy to set up, operate, and has some unique advantages that make it an attractive option. Benefits for Employers:
Benefits for Employees:
SEP IRAs are a fantastic retirement savings option for both employers and employees. They offer simplicity, flexibility, and valuable tax advantages for employers, while providing employees with an easy way to save for retirement. This retirement vehicle may or may not be the best option in your unique situation and we highly recommend consulting a tax/financial advisor before beginning any type of retirement plan Disclosure: Tax law is constantly changing due to new legislation, cases, regulations, and IRS rulings. Our Firm closely monitors these changes. Please call us before implementing any information discussed in this article, or if you need additional information concerning any item mentioned above. We will gladly assist you. Comments are closed.
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