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Saving for retirement is often a complex process. SEP IRAs were designed mainly for small business owners, allowing them to save up to 25% of their income each year.
To be eligible for a SEP IRA plan, employers need to offer equal contributions to eligible employees and cannot set more restrictive requirements than those by the IRS.
Retirement saving plans are important, Solo 401(k) plans and SEP-IRAs offer options for self-employed individuals, choosing the right one depends on different factors.
Understanding how to open a SEP IRA is pretty simple, and the process can be done through many financial institutions including a brokerage or insurance company.
Learn all about why a SEP IRA can come with many benefits and how it offers a wide variety of investment options, flexible contributions, and high annual limits.
Prior to retirement age, these contributions and earnings can be accessed and used to cover a variety of costs but early withdrawals are subject to added tax penalties.
There are many similarities, both are options for self-employed individuals, as well as small-business owners looking to offer retirement savings as an employee benefit.
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