Self employed and small business retirement plans
SEP | SIMPLE IRAs
SEP Simplified Employee Pension
Individual retirement plans (SEP IRAs) are retirement accounts that can serve as a powerful source of income in retirement, allowing employers—including self-employed individuals—to make tax-deductible contributions for themselves and their employees.
A Simplified Employee Pension (SEP) plan offers the simplicity and low administrative burden of an IRA-based plan without the start-up and ongoing costs typical of conventional qualified plans. For 2026, employers can contribute up to 25% of an employee’s compensation, capped at $71,000 (up from $70,000 in 2025).
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SIMPLE Savings Incentive Match Plan
for Employees
SIMPLE IRA plans allow both employees and employers to contribute to traditional IRAs established for employees. They are an excellent choice for small businesses or self-employed individuals seeking a straightforward, low-cost way to start a retirement plan without the administrative complexity of larger plans.
For 2026, participants can contribute up to $17,000 of their eligible compensation (up from $16,500 in 2025). Those age 50 or older can make an additional $3,500 catch-up contribution. Individuals aged 60 to 63 qualify for a special “super catch-up” contribution of $5,250, allowing even greater savings in the years leading up to retirement. Employers can choose to make either a 2% fixed contribution for all eligible employees or a 3% matching contribution based on employee deferrals.
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