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https://www.mypfsa.org/wp-content/uploads/2018/10/sep-ira.mp4

PFSA now offers SEP-IRAs

A SEP (Simplified Employee Pension Plan) IRA is a retirement plan for self-employed individuals and small business owners with or without employees.

SEP IRAs are quick and easy to set up and administer for your small business.

  • Consider a SEP if your business is new or has variable profits.
  • All SEP contributions are made by the employer.
  • Their employees can continue to contribute to personal Roth or IRA accounts.
  • Contributions are deductible as a business expense and not required every year.

FAQs

  • What is the Minimum to start?
    • $ 100 minimum setup + 10.00 Annual membership fee
    • $ 25 per month minimum contribution
    • Current Interest 3%
  • You can make larger contributions than to a Traditional IRA - 25% of total compensation or $55,000 (whichever is less) for the 2018 tax year
  • Contributions are deductible as a business expense and not required every year.
  • A SEP-IRA is ideal for self-employed and small-business owners who want to offer a retirement package without assuming the requirements of more complex plans.
  • Can I set up a SEP for my self-employment income if I participate in my employer's retirement plan?
    • Yes, you can set up a SEP for your self-employed business even if you participate in your employer's retirement plan at a second job.
  • SEP IRA plans don't require you to file paperwork with the IRS or the Department of Labor. They also don't require the complicated plan testing found with 401(k) plans.
  • Who are good Candidates for a SEP?
    • Self Employed individuals, that don’t have a retirement plan in place: Independent contractors, Consultants, Freelancers.
    • Small Business Owners: Businesses that are too small to offer a 401(K), Mom and Pop Stores, with or without employees.
    • Ranchers and Farmers: Income fluctuates a lot from year to year, some years they might need to increase contributions, in other years they might need to stop contributions
    • Gig economy workers: Uber and Lyft Drivers, independent workers that are not considered employees, have no access to any benefits

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Contact the PFSA

1100 14th Street, Suite E

Modesto, CA 95354

Phone: (209) 702-6364