A simplified employee pension IRA (SEP IRA) is a type of IRA that is designed for small business owners. SEP IRAs and traditional IRAs are very similar. However, the main differences are who can contribute and how much can be contributed. Also, whereas a traditional IRA can be opened by anyone, only an employer can open a SEP IRA for themselves and their employees. Additionally, only the employer can contribute to a SEP IRA.
SEP IRAs allow you to contribute more money as compared to traditional IRAs. Your SEP IRA contribution does not count towards the annual traditional or Roth contribution limits, so you are able to contribute the maximum into a traditional IRA as well.
At Investar, our goal is to help individuals take control of their retirement. It's recommended that the average citizen have around $1.7 million to retire comfortably. A traditional savings plan may not get you where you want to be; however, you can have the retirement you’ve always wanted! Meet with one of our retirement specialists to establish your goals. We’ll help you find options that help best accomplish your retirement goals and maximize investments that are best for your individual plan and situation.
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