Updated for 2024. The Simplified Employee Pension (SEP IRA) is a type of a traditional IRA adopted by self-employed small business owners (sole proprietors, partnerships, C and S corporations), and the self-employed. Unlike most types of retirement plans, the SEP IRA is funded by the employer. Here’s more on what a SEP IRA
Updated for 2025. Can I contribute to more than one retirement plan? This is a common question for individuals that have more than one job or run their own business part-time. Many workers in this situation wonder if they can contribute to two 401(k)s at once. Yes, you can have
Updated for 2022. Business owners have several retirement plans to choose from. For small companies, the SEP IRA and Solo 401(k) are the most common. What are the pros and cons of the SEP IRA vs Solo 401(k)? Determining which plan is best suited for you will depend on certain