Simplified Employee Pension Individual Retirement Accounts
If you are self-employed or a small business owner, a SEP IRA enables your employees to always be 100% vested. Earnings grow on a tax-deferred basis until withdrawals begin.
Annual contribution percentages are flexible depending on the business’ cash flow, but there is typically a maximum contribution allowed per year. The employer must contribute equally for all eligible employees. An SEP IRA requires distribution at age 70 ½ or at retirement.
Bank SNB’s $15 annual fee is waived if you also have a Relationship Checking account.
Explore our retirement calculators, or call 888.762.4762 for more information about the IRA that’s right for you.
All questions regarding tax deductions and withdrawal limits for taxable purposes should ALWAYS be discussed with a tax advisor.