SEP IRA: Is It the Right Retirement Plan for You?
The SEP (simplified employee pension) retirement plan is a unique option that you have when planning for retirement. Sometimes, it makes more sense to open this type of account than it does to open any other type of retirement account. Here are a few things to consider about when an SEP retirement account makes the most sense.
When You Want Simplicity
One of the major benefits of this type of retirement plan is that it does not come with the complications that are present with other retirement plans. You will not have the massive amounts of paperwork that come with setting up a 401(k) or other similar retirement plan. You will also not have as many fees to worry about during the set up or maintenance process.
When You Want to Make Large Contributions
Another time that utilizing an SEP retirement plan makes a lot of sense is when you want to make large contributions to your retirement account. With this type of retirement plan, you can contribute up to 25 percent of your salary to the plan. You can contribute as much as $49,000 in one year with this type of plan. By comparison, you can put only $16,500 into a 401(k) retirement account.
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Understanding Retirement Plan Inheritance: What Happens Before & After the RBD
A retirement plan may be passed on to a beneficiary if the deceased passes away. This can occur before the deceased met the required beginning date (RBD) on distributions or after. The way the a
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Choosing a Retirement Community: Essential Questions to Ask
When it comes time to choose a retirement community, there are many factors to consider. You need to start by deciding what you want and what you expect to get out of joining a community. This involve
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Understanding Retirement Plan Inheritance After RBD
A retirement plan may be inherited after the death of the primary beneficiary. This individual can then list alternate beneficiaries, including spouses, family members, children and even chariti...
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Retirement Delayed: How Market Volatility Impacts Your Future
Just when you thought you could finally retire, the bottom falls out of the stock market, taking the vast amounts of retirement savings with it. Unfortunately, for many, this was not just a make...