Simplified Employment Pension IRA

Qualified individuals receive higher contribution limits

A Simplified Employee Pension, or SEP, IRA is designed for the self-employed or small business owner.

Contributions:

May be treated as a tax credit, reducing your adjusted gross income and saving you tax
Could be made by employer up to 25% of an employee's total income
$45,000 maximum per year

Withdrawals:

Tax-deferred until withdrawals begin
Distribution is required at age 70 1/2 or at retirement

Nice to Know: Individuals qualifying for a SEP IRA are also allowed to contribute to a regular IRA.

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