Self employed and small business retirement plans
SEP | SIMPLE IRAs
SEP Simplified Employee Pension
individual retirement plans that can provide a significant source of income at retirement by allowing employers to set aside money in retirement accounts for themselves and their employees
a SEP does not have the start-up and operating costs of a conventional retirement plan and allows for a contribution of up to 25 percent of each employee's pay up to $69,000 for 2024
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SIMPLE Savings Incentive Match Plan
for Employees
allows employees and employers to contribute to traditional IRAs set up for employees and is ideally suited as a start-up retirement savings plan for small employers not currently sponsoring a retirement plan
you can put all your net earnings from self-employment in the plan: up to $16,000 in 2024, plus an additional $3,500 if you're 50 or older, plus either a 2% fixed contribution or a 3% matching contribution
