SEP-IRA is a type of retirement plan business owners can use to contribute to their employee’s retirement plans.
You are an employee of your business and can therefore contribute to your own retirement plan.
The other retirement plans are mainly used for larger companies with multiple employees. You don’t have to put off retirement until your business makes it big. You can set this plan now and begin contributing if you have earnings of at least 600 dollars in a year.
What are the types of retirement plans offered by employers:
IRA For Business owners:
SEP IRA (Simplified Pension Plan)
For more information or to get started on your retirement savings click HERE for consultations.