Simplified Employee Pension plan
- A retirement savings approach where self-employed proprietors can contribute both to their own and their staff's individual retirement accounts (SEP-IRA) where contributions grow tax-deferred until withdrawal
- The owner chose a Simplified Employee Pension plan to ensure a secure retirement for both him and his employees.
- The small business owner decided to set up a Simplified Employee Pension plan as he appreciated its tax benefits.
- Each year, contributions for the Simplified Employee Pension plan are directly made to the employees' SEP-IRAs.
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