SEP IRAs

If you're self-employed or have a small business, this IRA option might be right for you. You can start saving for your own retirement (or helping out your employees) by having your business contribute a portion to your account. Your company can deduct the contribution, and you don't pay taxes on it until you're retired and ready to use it.

SEP IRAs
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Summary
  • Ideal for self-employed individuals
  • Interest bearing account
  • Company contributions are tax deductible
  • Employee funds are tax deferred
  • Lower cost than other plans
  • Easy to get started and run
  • Contribution limitations based on income