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Noreen Gillikin posted a new Legal Issues thread on 6/27/2011

What's a SEP? Is it different from an IRA?

I overheard someone talking about putting money into an SEP to save for retirement. I'm a consultant--can't I just get an IRA like everyone else?
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Todd Smith Responded on 6/29/2011


A SEP is a simplified employee pension plan. They look and feel like an ira from a tax perspective, however the contribution limits are higher. For instance an ira is $5000 while a SEP may be up to 25% of your pay.Can make a big difference in attaining your retirement goals. You may also want to look at a Simple plan and a solo401k that also give you the ability to save more than in an ira.

Hope that helps and good luck!
Best,
Todd
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Jeff Huckaby Responded on 6/30/2011


An important thing about SEPs is that if you have employees longer than 3 years (I think), they must be included in your SEP program at the same percentage as yourself.

This includes part-time staff as well.
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Mike Savacool Responded on 9/21/2011


Shoot for an IRA, Roth, if you can.
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Sean Young Responded on 9/29/2011


roth is what you want.
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Emma.heuton@gmail.com Emma.heuton@gmail.com Responded on 11/29/2011


SEP or Simplified Employee Pension plan is a retirement plan established by employers. This includes self employed individuals ( partnerships or sole proprietorships). This retirement plan is an IRA based plan. Under this plan employers can make tax deductible contributions on the behalf of the eligible workers.

www.hellotrade.com
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Alison Jackson Responded on 2/13/2012


SEP Retirement Plans For Small Businesses is the best I think
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