FIGFCU | Simplified Employee Pension IRA
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Simplified Employee Pension IRA

Made For The Self-Employed And Small Businesses

A Simplified Employee Pension (SEP) is designed for people who are self-employed or own a small business, like an insurance agency. With a SEP, you can set aside money for you and your employees’ retirement.

One immediate benefit of a SEP is that it comes with extra savings because the start-up and operating costs are less than conventional retirement plans.

Here are some additional smart reasons to open a SEP IRA today: 

  • Tax Benefits: Your contributions are made with pre-tax dollars so you receive a tax deduction today and only pay taxes when you withdraw the money from the account typically at retirement age. 
    Easy to set up:
    We can guide you through a few simple steps after you fill out the IRS form. The sooner you start, the sooner you can start building your savings.
  • Immediate vesting: Employees enjoy immediate vesting on any employer contribution, so the money is legally theirs as soon as it’s deposited.
  • Make larger contributions: Contribution limits are higher than traditional and Roth IRAs and more than what you can contribute to a 401(k) to help you reach your retirement goal sooner.
  • Flexibility: You don’t have to contribute for yourself or your employees every year, giving you flexibility when your business’s cash flow is lean.

As with any investment, we encourage you to review the IRS rules and consult your tax advisor regarding tax consequences and your specific situation. Learn more at our Retirement Central.

*Consult your tax advisor regarding tax consequences and your specific situation.