What is a SEP IRA?
- Simplified Employee Pension Individual Retirement Account
- A version of the IRA adopted by self-employed persons, and business owners.
- Gives the self-employed person away to fund their retirement programs with pre-tax dollars as if under a corporate pension plan.
- Self-employed plans – SEP IRA, HR 10, and Keogh Plan
- Contributions to a SEP plan are deductible, lowering a taxpayer’s income tax liability in the current year.
- Detailed information on a SEPs IRS Pub 560
What is a SIMPLE IRA Plan?
- Savings Incentive Match Plan for Employees
- SIMPLE IRA plans provides a way to build a significant source of income at retirement by allowing employers and employees to set aside money in retirement accounts.
- Generally available to small business with 100 or fewer employees.
- Detailed information on SIMPLE IRA Plan IRS.gov
Note: This blog is designed for general information purposes only. All information presented on this site should not be interpreted as legal advice and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. For legal and tax advice contact your attorney or tax adviser.
Rita Sollie, Direct Insurance Representative with North Coast Life Insurance Company (NCL). No gimmicks or schemes here, just genuine and honest service. We don’t sell insurance, we solve problems. I welcome the opportunity to show you what NCL can do for your Life Insurance and Financial needs.
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