If you are a business owner and have a small business, these might be the retiremement accounts to know. In this video we describe the major difference of each and why they are important to the small business owner.
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LEARN MORE ABOUT: IRA Accounts

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CONVERTING IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

SEP and SIMPLE IRA are two popular retirement savings vehicles for small business owners and their employees. They offer significant tax advantages and can help individuals save for their future retirement needs.

SEP (Simplified Employee Pension) IRA is a plan option for self-employed individuals and small business owners. SEP IRA is a type of traditional IRA, and contributions are made by an employer on behalf of the employee. The employer can contribute up to 25% of the employee’s salary, or $58,000 for 2021, whichever is less. SEP IRA offers the same tax benefits as traditional IRAs, and contributions are tax-deductible.

One of the advantages of a SEP IRA is that employers have more flexibility in funding their employees’ retirement accounts. SEP IRA plans are also easy to set up and administer and have low administrative costs. Another benefit of a SEP IRA is that they are generally unaffected by market fluctuations, providing business owners and employees with peace of mind.

A SIMPLE (Savings Incentive Match Plan for Employees) IRA, on the other hand, is designed for small businesses with 100 or fewer employees. SIMPLE IRAs are also a type of traditional IRA, allowing contributions to be tax-deductible. Both employees and employers have the opportunity to contribute to this retirement plan, with the employer required to match a portion of the employee’s contribution.

Simple IRA contributions are capped at $13,500 for 2021, with individuals aged 50 or over allowed an additional $3,000 catch-up contribution. Employers must either match the employee’s contribution (up to 3% of the employee’s salary) or contribute 2% of an employee’s salary, regardless of whether the employee contributes.

One of the significant advantages of a SIMPLE IRA is the ease of administration, making it an ideal choice for small businesses. Another benefit is that the plan can be converted into a 401(k) plan in the future, allowing employees to save more aggressively for retirement down the line.

Both SEP and SIMPLE IRA plans can provide significant tax advantages and allow individuals to save for their future retirement needs. Employees are encouraged to research and compare these plans’ options and discuss their choices with a financial advisor or tax professional to determine the best fit for their retirement goals.