When you are self-employed you have several options in tax sheltered retirement plans. Here are 4 key benefits of using a SEP IRA:
- You can defer income at a much larger percentage of your pay than through a Traditional IRA.
- Your investment options run the gambit. You are not limited to 15 – 20 investment options as in a 401K.
- As a sole proprietor, a SEP allows you the discretion of funding in profitable years and not funding in more difficult years.
- A SEP also allows for contributions to not be made until tax filing deadline, plus extensions.
Consult a qualified adviser to discuss your specific circumstances. Not all qualified plans have the same provisions and an individual analysis is necessary.
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