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SEP IRA for your sound retirement

Everyone has difference financial needs so we can tailor your portfolio to your own profile

A Simplified Employee Pension (SEP) plan, or SEP-IRA, is a retirement account for self-employed people and business owners that allows employers to contribute to traditional IRAs for their employees. SEP-IRAs have many of the same rules as traditional IRAs, but with some special provisions. 
 
SEP-IRAs have the following characteristics:
  • Contribution limits: Higher than traditional IRAs
  • Employer contributions: Optional
  • Account fees: Minimal
  • Contribution percentage: Employers must contribute the same percentage for each eligible employee 
     
SEP-IRAs are tax-advantaged, and contributions are considered employer contributions, so the business makes them to the employee. You can make sizable contributions for yourself and any eligible employees, and you can vary contributions from year to year, skip years, or even make contributions one year and then never again. 
 
SEP-IRAs have the following features:
  • Investment, distribution, and rollover rules: Follow the same rules as traditional IRAs
  • Low administrative costs: Don’t have the start-up and operating costs of a conventional retirement plan
  • Easy to set up and maintain: Little administration, and tax filing isn’t required 
     
All eligible employees must participate in the plan, including part-time employees, seasonal employees, and employees who die or terminate employment during the year. 
 
For 2024, the amount of compensation you can use to calculate the 25% limit is limited $345,000. Contributions an employer can make to an employee’s SEP-IRA cannot exceed the lesser of:
  • 25% of the employee’s compensation
  • $69,000 for 2024 ($66,000 for 2023, $61,000 for 2022, $58,000 for 2021 and $57,000 for 2020) 

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          Maria Marlin Retired Govt Officer, ON, Canada

          Very helpful fully explaining the different plans. Cash value is accessed via policy loans, which accrue interest and reduce cash value our valuable items.

          Maria Marlin Retired Govt Officer, ON, Canada

          Very helpful fully explaining the different plans. Cash value is accessed via policy loans, which accrue interest and reduce cash value our valuable items.

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          Protecting businesses place great weight on lots of things. But what we don’t really seem.

          Protecting businesses place great weight on lots of things. But what we don’t really seem.

          Protecting businesses place great weight on lots of things. But what we don’t really seem.

          Protecting businesses place great weight on lots of things. But what we don’t really seem.

          Protecting businesses place great weight on lots of things. But what we don’t really seem.

          Protecting businesses place great weight on lots of things. But what we don’t really seem.

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