If you are self-employed or a business owner, you can take advantage of a Simplified Employee
Pension Plan. SEP IRAs do not have tax filing requirements, no account fees and no minimum to open.
As a business owner, you can also contribute to your employee’s retirement through SEP IRAs.
Contributions to SEP IRAs are completely discretional and can vary year to year depending on your
financial situation. Years that your business is financially successful, you can fund more and, in
years when finances are tight, you can opt to fund less. This gives you the control you need to save
throughout your career.
Contributions cannot exceed the lesser of:
- 25% of the employee’s compensation, or
- $66,000 (for 2023)