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LEARN MORE ABOUT: IRA Accounts
CONVERTING IRA TO GOLD: Gold IRA Account
CONVERTING IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
As the name suggests, a SEP-IRA, or Simplified Employee Pension Individual retirement account , is a retirement savings account that is designed for small business owners and self-employed individuals. SEP-IRAs are a type of traditional IRA and they provide a tax-deductible contribution to an individual's retirement account . The contributions made to SEP-IRAs are generally made by the employer, but self-employed individuals can also contribute to their own accounts. Contributions are tax-deductible, meaning that they reduce the individual's taxable income for the year, and they are tax-deferred, meaning that the money in the account grows tax-free until it is withdrawn in retirement. One of the benefits of a SEP-IRA is that it allows business owners and self-employed individuals
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