SEP & Simple IRAs
Planning for your company’s golden years
As a business owner, you have a lot to juggle—marketing your company, balancing costs, following industry trends and managing employees (if you have any). Is saving for retirement on your list? If so, we’ve got you covered.
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The Rundown
As an employer, a company retirement plan may help you:
- Save for your own retirement
- Potentially receive tax credit and other incentives from the federal government
- Attract—and keep—better employees
That’s great, so what are your options?
SEP IRAs
Features of a SEP IRA plan:
- Low cost
- Employer contributions are deductible business expenses
- Flexible contribution limits; you decide how much to contribute
- Annual contributions are not required
- Easy setup and administration
- Minimum paperwork; no complex IRS reporting requirements
SIMPLE IRAs
Features of a SIMPLE IRA plan:
- Low cost
- Employees contribute to their own accounts
- Employer match is a tax-deductible business expense
- Easy setup and administration
- No complex IRS reporting requirements
401(k) Plans
Features of a 401(k) plan:
- Employees contribute to their own accounts
- Employer contributions (including match), if any, are deductible business expenses
- Flexible program designs to suit employer needs
Payroll Deduction IRAs
Features of a payroll deduction IRA program:
- Low cost
- Employee contributions are automatically deducted from their paychecks to their own accounts
- Easy setup and administration
- No complex IRS reporting requirements
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