Rules and Limits to Open a SEP IRA for 2014

Open a SEP IRA: Contribution Limits and Rules

Time to SEP it up!

Are you a self-employed business owner that is looking for a cost effective to lower your taxes and help you save for retirement?

If that fits your profile then opening a SEP (Simplified Employee Pension) IRA might be a good retirement account to start for your business.

When I was researching what would be the best retirement plan to set up for myself when I first became self-employed, I narrowed it down between the SEP IRA and the Solo 401k.

Both allowed very favorable contribution limits, but the administrative costs and ease of setting up made the SEP IRA the easy answer.

If you are considering opening a SEP IRA for your business, here’s what you need to know about the SEP IRA rules and contribution limits and how easy it is to open one.

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Best Retirement Plan For Small Businesses

When I worked for my old brokerage firm, I was a W-2 employee and the retirement plan options were simple.  I had the 401k and could also do a Traditional or Roth IRA outside of it.  Things changed a bit when I started my own company.  I officially became a small business owner and had man more choices on retirement plans. What options do hands-on owner-operators have and which one is the best for you? If you have a small company and want a retirement program, you want to consider these plan choices.

Best Retirement plans for small businesses
Creative Commons License photo credit: eflon

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