A Simplified Employee Pension IRA (SEP IRA) is a retirement account designed for self-employed individuals and small business owners. It offers a simple and flexible way to save for retirement while also providing potential tax benefits.

With a SEP IRA, you can contribute up to 25% of your net earnings from self-employment, up to a maximum of $58,000 (for 2021). Contributions are tax-deductible, reducing your taxable income for the year. The money in your SEP IRA grows tax-deferred until you start making withdrawals in retirement.

One of the key advantages of a SEP IRA is its ease of administration. You can set up a SEP IRA with little paperwork and no annual filing requirements. You can also choose how much to contribute each year, based on your income and financial goals.

Overall, a SEP IRA can be a valuable tool for self-employed individuals looking to save for retirement. It offers flexibility, tax benefits, and ease of administration, making it a popular choice for many small business owners.

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