Machen Wealth has been helping clients with Simplified Employee Pension Plans (SEPs). A Simplified Employee Pension (SEP) plan provides business owners with a simplified method to contribute toward their employees’ retirement as well as their own retirement savings. Contributions are made to an Individual Retirement Account or Annuity (IRA) set up for each plan participant (a SEP-IRA).
Simplified Employee Pension (SEP) plans can provide a significant source of income at retirement by allowing employers to set aside money in retirement accounts for themselves and their employees. A SEP does not have the start-up and operating costs of a conventional retirement plan and allows for a contribution of up to 25 percent of each employee’s pay.
SEP are available to businesses of any size. There are also no filing requirements for the employer. These are easy to set up and have low administrative costs. There is also plenty of flexibility in the plans. Contact Machen Wealth to set up a consultation with our wealth advisor Scott Machen, and he can help you determine if Simplified Employee Pension Plan should be part of your financial planning.