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The SEP IRA is a popular retirement plan for the self-employed because it offers many useful advantages, but it’s not the perfect plan for everyone. Advantages of a SEP IRA
SEP IRAs are adopted by business owners to provide retirement benefits for themselves and their employees. [1] There are no significant administration costs for a self-employed person with no employees. If the self-employed person does have employees, all employees must receive the same benefits under a SEP plan.
You can use a SEP-IRA if you’re an employer or self-employed with no employees. You can have any business entity, such as a sole proprietor , partnership, LLC, or corporation.
The SEP IRA has a limit on the annual compensation that is used for figuring retirement plan contributions. For 2025, that limit is $350,000, an increase from $345,000 in 2024. That limit is ...
A Solo 401(k) (also known as a Self Employed 401(k) or Individual 401(k)) is a 401(k) qualified retirement plan for Americans that was designed specifically for employers with no full-time employees other than the business owner(s) and their spouse(s). The general 401(k) plan gives employees an incentive to save for retirement by allowing them ...
The self-employed have several plan options, including defined contribution plans such as a solo 401(k), SEP IRA and SIMPLE IRA. But they also have some defined benefit options, too.