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A Different Perspective on SEP IRAs for Small Business Owners

Discover what a SEP IRA is and why it is a great option for small business owners with Carrie Cook, CEO of Preferred Trust Company.

Timecodes:
0:56 3 Types of tax deferred plans
1:58 What is a SEP IRA
2:18 Advantages of a SEP IRA
4:54 2023 Contributions increased
8:10 Disadvantages of a SEP IRA
11:16 Conclusion

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Preferred Trust performs duties of a custodian and as such, does not sell investments or provide investment, tax, or legal adviceŮ(read more)

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Small Business Owners: Letҳ Talk About SEP IRAs

As a small business owner, you have likely spent a lot of time and effort in building your business. You work hard to ensure that your employees and your business itself are well taken care of. One way to protect your financial future and the future of your employees is by considering a Simplified Employee Pension Individualretirement account (SEP IRA).

A SEP IRA is a retirement plan specifically designed for small business owners and self-employed individuals. It is a tax-deferredretirement account that allows you to make contributions for yourself and your employees. SEP IRAs are relatively easy to set up and have minimal administrative requirements, making them an attractive option for small businesses.

One of the key benefits of a SEP IRA is the flexibility it offers when it comes to contributions. As the employer, you can choose to contribute between 0% and 25% of each eligible employeeҳ compensation, up to a maximum of $58,000 for 2021. This means that you can adjust your contributions based on your businessҳ financial situation each year.

For small business owners who have fluctuating income, this flexibility can be a game-changer. During years when your business is doing well, you can make larger contributions to your SEP IRA. During leaner years, you can scale back your contributions without penalty.

Another advantage of SEP IRAs is that they are available to self-employed individuals. If you are a sole proprietor, freelancer, or independent contractor, you can take advantage of a SEP IRA to save for your retirement. This can help you ensure that you have a secure financial future, even if you donҴ have access to a traditional employer-sponsored retirement plan.

Additionally, contributions to a SEP IRA are tax-deductible for the employer. This means that you can reduce your taxable income by contributing to your employeesҠSEP IRAs as well as your own. As a small business owner, every tax advantage counts, and a SEP IRA can help you maximize your tax deductions while providing retirement benefits for yourself and your employees.

Lastly, SEP IRAs offer the same investment options as traditional IRAs. This means that you have the freedom to choose from a wide range of investment vehicles, including stocks, bonds, mutual funds, and exchange-traded funds. You can tailor your investment strategy to suit your risk tolerance and financial goals, giving you the opportunity to grow your retirement savings over time.

In conclusion, as a small business owner, it is essential to considerretirement planning not only for yourself but also for your employees. A SEP IRA offers a tax-advantaged and flexible retirement savings option that can benefit both you and your employees. By setting up a SEP IRA, you can take a proactive approach towards securing your financial future and ensuring the long-term success of your business. If you are interested in learning more about SEP IRAs and how they can benefit your small business, itҳ best to consult with a financial advisor to discuss your specific situation.

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