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While they share the IRA badge with their more well-known cousins, the SEP IRA and SIMPLE IRA are not for individuals to establish but rather for businesses, including sole proprietorships.
SEP vs. SIMPLE IRAs: 5 Key Suitability Questions for Small Businesses Business size, plan simplicity, and flexibility will impact which is the right fit. Denise Appleby Aug 16, 2023 ...
On the downside, the 2025 contribution limits for SIMPLE IRAs are lower than 401(k)s — the baseline limit (with some exceptions) is $16,500 for individual contributions to a SIMPLE IRA, while a ...
Here's a comparison of three popular self-employed retirement savings plans: the solo 401(k), the SEP IRA and a SIMPLE IRA. See which option is right for your retirement planning needs.
A SIMPLE IRA is a retirement savings plan that can be used by most small businesses with 100 or fewer employees. ... (SEP) or a 401(k) ... "Rollover Chart." ...
The Simple IRA contribution limits are lower but so are the administrative costs. For more on Simple IRAs, see SEP vs. Simple IRAs: 5 Key Suitability Questions for Small Businesses . Which Plan ...
SEP IRA vs. SIMPLE IRA: How to Determine Which is Right for Your Business. Both SEP and SIMPLE plans allow you to save money for your retirement, lower your tax bill and reward valued employees.
Roth, Traditional, and SEP IRAs have different contribution and income qualification limits that change annually. Contributions and withdrawals are also taxed differently.