Both the SEP IRA and the Solo 401K are self-employed retirement plans. They can be established by legal entities (in this context, often S corporations) or they can be established by individuals that have self-employed income. That self-employment income generally must come through a sole proprietorship or through a limited liability company (LLC) that is […]
Tag: SEP IRA
What is a SIMPLE IRA and Who’s Eligible to Open One?
The SIMPLE in SIMPLE IRA stands for “Savings Incentive Match Plan for Employees.” This retirement savings plan is a type of traditional IRA that is geared towards self-proprietors and small business owners. Unlike SEP IRAs, where only the employer can make contributions, employees are allowed to contribute part of their pre-tax compensation to their SIMPLE […]
What are the IRA Account Types Available?
There are a handful of IRA account types to choose from. Do you feel confident that you’re familiar with the details of those accounts? For a quick overview of each account type, keep reading. SEP IRA A Simplified Employee Pension Plan, or a SEP IRA, is a retirement plan that’s specifically designed for people with […]
What are the IRA Types Someone can Hold?
An IRA is an account for individuals. Whether or not they have an employer 401K program that they’re contributing to already, or if they just want to save more money for retirement. There are a lot of reasons why people choose to open an IRA, but the main reason is independence. You’re given a choice […]
Know Your Retirement Accounts: Simple IRA, SEP and Solo 401K (Updated)
Being aware of the different types of self-employed retirement accounts that are available to you is important to get the most out of your retirement and retirement planning. The accounts that are available to most employees are your typical IRA and 401K with Roth and Traditional kickers. However, your account options are much more plentiful […]
A Simple Explanation of a SIMPLE IRA
A SIMPLE IRA stands for Savings Incentive Match Plan for Employees, it’s a type of retirement account for small businesses, and for people who are self-employed. It works like a Traditional IRA, where your contributions grow tax-deferred. When it comes time for retirement, your distributions are taxed as normal income. SEP IRA vs. SIMPLE IRA […]
What Does a Small Business Owner Need to Know About SEP IRAs?
A Simplified Employee Pension Plan, or an SEP IRA, is a retirement plan specifically designed for people with self-employment income, like those who are self-employed, or are small business owners. A SEP retirement plan can help you contribute funds to your retirement savings account while reducing your taxable income. Who can contribute to a SEP […]