IRA Financial's Adam Bergman Esq. discusses the Simplified Employee Pension (SEP) IRA, and why it may not be the best retirement plan for your business. -- Discover more videos by IRA Financial: Subscribe to our channel: -- About IRA Financial: IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions. IRA Financial Group is a retirement account facilitator, document filing, and do-it yourself document service, not a law firm. IRA Financial Group does not provide legal services. No attorney-client relationship exists between Client and IRA Financial Group, its management, salespersons or IFG’s in-house legal counsel. IRA Financial Group provides IRA retirement facilitation service and CANNOT provide Client with legal, investment, or financial advice. Prior to making any investment decisions, please consult with the appropriate legal, tax, and investment professionals for advice. IFG is not engaged in rendering legal, accounting or other professional services. If legal advice or other professional assistance is required, the services of a competent professional person should be sought. (From a Declaration of Principles jointly adopted by a Committee of the American Bar Association & a Committee of Publishers and Associations.). The scope of Professional Services does not include the costs of any custodian related services. #sepira #ira #solo401k #simplifiedemployeepension #rothira #401k #selfemployed #smallbusinessowners #retirement #investing #alternativeinvestments #erisa #irafinancial #adambergman #selfemployedretirement #smallbusinessretirement...(read more)
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As a business owner or self-employed individual, a SEP IRA can be a fantastic retirement savings option. However, to maximize the benefits of this type of retirement plan, there are a few important things you need to be aware of. First and foremost, it's essential to understand the contribution limits for a SEP IRA. In 2020, the maximum contribution that you can make to your SEP IRA is 25% of your net self-employment income or $57,000 (whichever is less). This means that the more you earn, the more you can contribute to your account. Another important thing to keep in mind is that SEP IRA contributions are generally tax-deductible. This can be a significant advantage, as it can help to lower your taxable income and potentially reduce your overall tax bill. Just be sure to consult with a tax professional to ensure that you're following all applicable rules and regulations. While SEP IRAs offer many benefits, they do have some limitations that you should be aware of. For example, you cannot take out a loan from a SEP IRA, nor can you make early withdrawals without penalty (unless you have certain qualifying circumstances). Finally, it's important to note that a SEP IRA is intended for retirement savings only. This means that you cannot use these funds for things like buying a house or paying for education expenses. If you need access to your money before retirement age, you'll likely need to look at other options. In conclusion, a SEP IRA can be an excellent way to save for retirement as a business owner or self-employed individual. However, it's important to fully understand the contribution limits, tax implications, and other rules associated with this type of retirement account. With careful planning and management, a SEP IRA can help you achieve your retirement savings goals and secure your financial future. https://inflationprotection.org/have-a-sep-ira-you-need-to-know-this/?feed_id=75685&_unique_id=64033d177af8a #Inflation #Retirement #GoldIRA #Wealth #Investing #401k #AdamBergman #investing #ira #IRAFinancial #Retirement #retirementplanning #selfdirectedira #selfemployedretirement #selfemployed #sepira #sepiravssolo401k #SimplifiedEmployeePension #smallbusinessowners #smallbusinessretirementplan #Solo401k #taxes #SEPIRA #401k #AdamBergman #investing #ira #IRAFinancial #Retirement #retirementplanning #selfdirectedira #selfemployedretirement #selfemployed #sepira #sepiravssolo401k #SimplifiedEmployeePension #smallbusinessowners #smallbusinessretirementplan #Solo401k #taxes
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