You may have heard of a SEP IRA, but didn’t really know what it was. You’re in luck: the latest in David Moore’s popular blogcast series explains exactly what a SEP IRA is, who can qualify for one, and some of the advantages of this little-known type of retirement investment.
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Today we’re talking with David Moore. Co-founder of IRA Advantage, a firm that specializes in truly self directed retirement accounts.
David, What is a SEP IRA?
David Moore: Well, it’s a good question. It’s a simplified employee pension, and it’s an account that is similar to most other IRAs, except it’s got much higher contribution limits. So people that own businesses like those because it allows them to actually contribute up to $55,000.00 in a single a year, for 2018. So, it’s much more attractive for people that want to make higher contribution limits.
Who Qualifies for a SEP IRA David?
David Moore: Anyone 21 years or older who’s been employed in a business for three out of the preceding five years, and has made at least $600.00 USD a year. Like I said, it’s a great thing for people that want to make a higher contribution and grow their retirement at a faster rate, and it works well for people. Another option that is out there is a 401k plan. If somebody is self employed, with no employee, solo 401k plans work great too.
Thank you David. Listeners may call 503-619-0223 or you can visit, iraadvantage.net for more information.
The number of choices in IRAs—including a SEP IRA—mean you should have professionals on your retirement planning team. A great start is to call IRA Advantage today!