Truth 21. SEP IRA
More than 20 million Americans are self-employed, and this number continues to grow. The rate of increase in self-employed businesses was more than 25% in the past six years, which is triple the growth rate of other types of businesses. There are many advantages to being self-employed, but there are certainly many challenges as well. Retirement planning for the self-employed is one of those challenges. To the rescue came Congress, which, in 1978, a mere four years after the initial IRA legislation was passed, created the SEP IRA, a retirement benefit aimed particularly at the needs of the self-employed.
Due to its relative simplicity of form and substance, the SEP IRA is ideal for a self-employed businessperson ...
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