If you own a small business, you have options when it comes to your retirement account, such as a SEP IRA.
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John Bowens outlines the pros and cons of a Simplified Employee Pension (SEP) Plan.
SEP Eligibility
Any employer—whether a corporation, partnership, or self-employed individual—may establish the plan, even if there is only one employee.
Employees must meet ALL of the following requirements:
- Be at least 21 years of age;
- Have worked for the business during any three of the past five years; and
- Have earned the $600 annual minimum required compensation.
- Spouses and children may also participate in the plan and open their own SEP IRAs—as long as they are employees of the company and meet the income requirements.
Equity Trust Company is a directed custodian and does not provide tax, legal or investment advice. Any information communicated by Equity Trust Company is for educational purposes only, and should not be construed as tax, legal or investment advice. Whenever making an investment decision, please consult with your tax attorney or financial professional.
