How Does a SEP IRA Work? | The Motley Fool

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> Motley Fool Money </a> </li> <li> <a id="fool-podcasts-rule-breaker-investing" href="/podcasts/rule-breaker-investing/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Rule Breaker Investing" > Rule Breaker Investing </a> </li> </ul> </div> </div> </div> </div> <div class="flex dropdown"> <button class="dropdown-label text-16"> Stock Market News <svg viewBox="0 0 320 512"> <title>angle-down</title> <path fill="currentColor" d="M151.5 347.8L3.5 201c-4.7-4.7-4.7-12.3 0-17l19.8-19.8c4.7-4.7 12.3-4.7 17 0L160 282.7l119.7-118.5c4.7-4.7 12.3-4.7 17 0l19.8 19.8c4.7 4.7 4.7 12.3 0 17l-148 146.8c-4.7 4.7-12.3 4.7-17 0z"></path> </svg> </button> <div class="flex submenu"> <div class="flex justify-between topnav-wrapper p-32px xl:px-0px"> <div class="submenu-column"> <div class="pb-6 font-bold uppercase text-14">Stock News</div> <ul class="leading-relaxed"> <li> <a id="stock-news-stock-market-news" href="/investing-news/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Stock Market News" > Stock Market News </a> </li> <li> <a id="stock-news-market-movers" href="/market-movers/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Market Movers" > Market Movers </a> </li> <li> <a id="stock-news-tech-stock-news" href="/tech-stock-news/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Tech Stock News" > Tech Stock News </a> </li> <li> <a id="stock-news-market-trends" href="/market-trends/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Market Trends" > Market Trends </a> </li> <li> <a id="stock-news-consumer-stock-news" href="/consumer-stock-news/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Consumer Stock News" > Consumer Stock News </a> </li> <li> <a id="stock-news-crypto-news" href="/crypto-news/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Crypto News" > Crypto News </a> </li> <li> <a id="stock-news-industrial-stock-news" href="/industrial-stock-news" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Industrial Stock News" > Industrial Stock News </a> </li> </ul> </div> <div class="submenu-column"> <div class="pb-6 font-bold uppercase text-14">Markets</div> <ul class="leading-relaxed"> <li> <a id="markets-stock-market-indexes-today" href="/markets/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Stock Market Indexes Today" > Stock Market Indexes Today </a> </li> <li> <a id="markets-most-active-stocks" href="/markets/most-active-stocks/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Most Active Stocks Today" > Most Active Stocks Today </a> </li> <li> <a id="markets-todays-biggest-stock-gainers" href="/markets/top-stock-gainers/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Today's Biggest Stock Gainers" > Today's Biggest Stock Gainers </a> </li> <li> <a id="markets-todays-biggest-stock-losers" href="/markets/top-stock-losers/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Today's Biggest Stock Losers" > Today's Biggest Stock Losers </a> </li> <li> <a id="markets-largest-market-cap-companies" href="/research/largest-companies-by-market-cap/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Largest Market Cap Companies" > Largest Market Cap Companies </a> </li> <li> <a id="markets-market-research" href="/research/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Market Research" > Market Research </a> </li> <li> <a id="markets-breakfast-news" href="/investing/breakfast-news/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="📨 Breakfast News" > 📨 Breakfast News </a> </li> </ul> </div> <div class="submenu-column"> <div class="pb-6 font-bold uppercase text-14">Best Buys</div> <ul class="leading-relaxed"> <li> <a id="best-buys-top-stocks-to-buy-now" href="/investing/top-stocks-to-buy-and-hold/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Top Stocks to Buy Now" > Top Stocks to Buy Now </a> </li> <li> <a id="best-buys-best-etfs-to-buy" href="/investing/how-to-invest/etfs/etfs-to-buy/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Best ETFs to Buy" > Best ETFs to Buy </a> </li> <li> <a id="best-buys-best-ai-stocks" href="/investing/stock-market/market-sectors/information-technology/ai-stocks/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Best AI Stocks" > Best AI Stocks </a> </li> <li> <a id="best-buys-best-growth-stocks" href="/investing/stock-market/types-of-stocks/growth-stocks/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Best Growth Stocks" > Best Growth Stocks </a> </li> <li> <a id="best-buys-dividend-kings" href="/investing/stock-market/types-of-stocks/dividend-stocks/dividend-kings/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Dividend Kings" > Dividend Kings </a> </li> <li> <a id="best-buys-best-index-funds" href="/investing/how-to-invest/index-funds/best-index-funds/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Best Index Funds" > Best Index Funds </a> </li> <li> <a id="best-buys-next-cryptos-to-explode" href="/investing/stock-market/market-sectors/financials/cryptocurrency-stocks/next-crypto-to-explode/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Next Cryptos to Explode" > Next Cryptos to Explode </a> </li> </ul> </div> <div class="submenu-column"> <div class="pb-6 font-bold uppercase text-14">Industries to Invest In</div> <ul class="leading-relaxed"> <li> <a id="industries-to-invest-in-technology" href="/investing/stock-market/market-sectors/information-technology/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Technology" > Technology </a> </li> <li> <a id="industries-to-invest-in-energy" href="/investing/stock-market/market-sectors/energy/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Energy" > Energy </a> </li> <li> <a id="industries-to-invest-in-real-estate" href="/investing/stock-market/market-sectors/real-estate-investing/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Real Estate" > Real Estate </a> </li> <li> <a id="industries-to-invest-in-healthcare" href="/investing/stock-market/market-sectors/healthcare/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Healthcare" > Healthcare </a> </li> <li> <a id="industries-to-invest-in-consumer-goods" href="/investing/stock-market/market-sectors/consumer-staples/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Consumer Goods" > Consumer Goods </a> </li> <li> <a id="industries-to-invest-in-materials" href="/investing/stock-market/market-sectors/materials/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Materials" > Materials </a> </li> <li> <a id="industries-to-invest-in-industrials" href="/investing/stock-market/market-sectors/industrials/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Industrials" > Industrials </a> </li> </ul> </div> </div> </div> </div> <div class="flex dropdown"> <button class="dropdown-label text-16"> How to Invest <svg viewBox="0 0 320 512"> <title>angle-down</title> <path fill="currentColor" d="M151.5 347.8L3.5 201c-4.7-4.7-4.7-12.3 0-17l19.8-19.8c4.7-4.7 12.3-4.7 17 0L160 282.7l119.7-118.5c4.7-4.7 12.3-4.7 17 0l19.8 19.8c4.7 4.7 4.7 12.3 0 17l-148 146.8c-4.7 4.7-12.3 4.7-17 0z"></path> </svg> </button> <div class="flex submenu"> <div class="flex justify-between topnav-wrapper p-32px xl:px-0px"> <div class="submenu-column"> <div class="pb-6 font-bold uppercase text-14">Investing 101</div> <ul class="leading-relaxed"> <li> <a id="investing-101-how-to-invest-money" href="/investing/how-to-invest/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="How to Invest Money" > How to Invest Money </a> </li> <li> <a id="investing-101-what-to-invest-in" href="/investing/how-to-invest/what-to-invest-in/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="What to Invest In" > What to Invest In </a> </li> <li> <a id="investing-101-how-to-invest-in-stocks" href="/investing/how-to-invest/stocks/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="How to Invest in Stocks" > How to Invest in Stocks </a> </li> <li> <a id="invesing-101-how-to-invest-in-etfs" href="/investing/how-to-invest/etfs/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="How to Invest in ETFs" > How to Invest in ETFs </a> </li> <li> <a id="investing-101-how-to-invest-in-index-funds" href="/investing/how-to-invest/index-funds/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="How to Invest in Index Funds" > How to Invest in Index Funds </a> </li> <li> <a id="investing-101-how-to-invest-in-bonds" href="/investing/how-to-invest/bonds/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="How to Invest in Bonds" > How to Invest in Bonds </a> </li> <li> <a id="investing-101-financial-dictionary" href="/terms/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Financial Dictionary" > Financial Dictionary </a> </li> </ul> </div> <div class="submenu-column"> <div class="pb-6 font-bold uppercase text-14">Stock Market Basics</div> <ul class="leading-relaxed"> <li> <a id="stock-market-basics-stock-market-101" href="/investing/stock-market/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Stock Market 101" > Stock Market 101 </a> </li> <li> <a id="stock-market-basics-types-of-stocks" href="/investing/stock-market/types-of-stocks/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Types of Stocks" > Types of Stocks </a> </li> <li> <a id="stock-market-basics-stock-market-sectors" href="/investing/stock-market/market-sectors/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Stock Market Sectors" > Stock Market Sectors </a> </li> <li> <a id="stock-market-basics-stock-market-indexes" href="/investing/stock-market/indexes/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Stock Market Indexes" > Stock Market Indexes </a> </li> <li> <a id="stock-market-basics-what-are-stock-splits" href="/terms/s/stock-split/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="What Are Stock Splits?" > What Are Stock Splits? </a> </li> <li> <a id="stock-market-basics-what-is-compound-interest" href="/investing/how-to-invest/stocks/compound-interest-accounts/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="What Is Compound Interest?" > What Is Compound Interest? </a> </li> <li> <a id="stock-market-basics-after-hours-trading" href="/terms/a/after-hours-trading/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="After Hours Trading" > After Hours Trading </a> </li> </ul> </div> <div class="submenu-column"> <div class="pb-6 font-bold uppercase text-14">Start Investing</div> <ul class="leading-relaxed"> <li> <a id="start-investing-how-to-buy-stock" href="/investing/how-to-invest/stocks/how-to-buy-stock/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="How to Buy Stock" > How to Buy Stock </a> </li> <li> <a id="start-investing-best-brokers-for-beginners" href="https://www.fool.com/money/buying-stocks/best-online-stock-brokers-for-beginners/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Best Brokers for Beginners" > Best Brokers for Beginners </a> </li> <li> <a id="start-investing-best-brokerage-accounts" href="https://www.fool.com/money/buying-stocks/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Best Brokerage Accounts" > Best Brokerage Accounts </a> </li> <li> <a id="start-investing-good-time-to-buy-stocks" href="/investing/how-to-invest/stocks/good-time-to-buy-stocks/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Good Time to Buy Stocks" > Good Time to Buy Stocks </a> </li> <li> <a id="start-investing-how-many-shares-to-buy" href="/investing/how-to-invest/stocks/how-many-shares-buy-stock/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="How Many Shares to Buy?" > How Many Shares to Buy? </a> </li> <li> <a id="start-investing-portfolio-diversification" href="/investing/how-to-invest/portfolio-diversification/" target="_blank" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Portfolio Diversification" > Portfolio Diversification </a> </li> <li> <a id="start-investing-long-term-investing-strategies" href="/investing/how-to-invest/stocks/investment-strategies/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Long Term Investing Strategies" > Long Term Investing Strategies </a> </li> </ul> </div> <div class="submenu-column"> <div class="pb-6 font-bold uppercase text-14">Companies to Invest In</div> <ul class="leading-relaxed"> <li> <a id="companies-to-invest-in-magnificent-seven-companies" href="/investing/how-to-invest/stocks/magnificent-seven/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Magnificent Seven Companies" > Magnificent Seven Companies </a> </li> <li> <a id="companies-to-invest-in-warren-buffett-investments" href="/investing/how-to-invest/famous-investors/warren-buffett-investments/stocks-owned/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Warren Buffett Investments" > Warren Buffett Investments </a> </li> <li> <a id="companies-to-invest-in-investing-in-chatgpt" href="/investing/stock-market/market-sectors/information-technology/ai-stocks/chatgpt/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Investing in ChatGPT" > Investing in ChatGPT </a> </li> <li> <a id="companies-to-invest-in-investing-in-spacex" href="/investing/how-to-invest/stocks/how-to-invest-in-spacex-stock/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Investing in SpaceX" > Investing in SpaceX </a> </li> <li> <a id="companies-to-invest-in-investing-in-openai" href="/investing/how-to-invest/stocks/how-to-invest-in-openai-stock/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Investing in OpenAI" > Investing in OpenAI </a> </li> <li> <a id="companies-to-invest-in-investing-in-nvidia" href="/investing/how-to-invest/stocks/how-to-invest-in-nvidia-stock/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Investing in Nvidia" > Investing in Nvidia </a> </li> <li> <a id="companies-to-invest-in-investing-in-databricks" href="/investing/how-to-invest/stocks/how-to-invest-in-databricks/" data-track-category="nav_hover_menu" data-track-action="foolcom_nav_click" data-source="foolcom_nav_click" data-track-link="Investing in Databricks" > Investing in Databricks </a> </li> </ul> </div> </div> </div> </div> <div class="flex dropdown"> <button class="dropdown-label text-16"> Retirement <svg viewBox="0 0 320 512"> <title>angle-down</title> <path fill="currentColor" d="M151.5 347.8L3.5 201c-4.7-4.7-4.7-12.3 0-17l19.8-19.8c4.7-4.7 12.3-4.7 17 0L160 282.7l119.7-118.5c4.7-4.7 12.3-4.7 17 0l19.8 19.8c4.7 4.7 4.7 12.3 0 17l-148 146.8c-4.7 4.7-12.3 4.7-17 0z"></path> </svg> </button> <div class="flex submenu"> <div class="flex justify-between topnav-wrapper p-32px xl:px-0px"> <div class="submenu-column"> <div class="pb-6 font-bold uppercase text-14">Retirement Essentials</div> <ul class="leading-relaxed"> <li> <a id="retirement-essentials-retirement-101" href="/retirement/" data-track-category="nav_hover_menu" 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class="text-gray-700" href="/" data-track-action="foolcom_evergreen_click" data-source="foolcom_evergreen_click" data-track-category="evergreen_breadcrumbs" data-track-link="Home" >Home </a> > <a class="text-gray-700" href="/retirement/" data-track-action="foolcom_evergreen_click" data-source="foolcom_evergreen_click" data-track-category="evergreen_breadcrumbs" data-track-link="Retirement" >Retirement </a> > <a class="text-gray-700" href="/retirement/plans/" data-track-action="foolcom_evergreen_click" data-source="foolcom_evergreen_click" data-track-category="evergreen_breadcrumbs" data-track-link="Plans" >Plans </a> > <span class="active"> Sep Ira </span> </div> <h1 class="text-3xl tracking-tight text-h2 md:text-5xl text-gray-1000 mb-0px">Simplified Employee Pensions (SEP) IRAs</h1> <div class="font-medium text-gray-800 text-md md:text-lg mb-16px mt-20px md:my-24px"> By <a class="text-cyan-800 hover:text-cyan-600 hover:underline" href="https://www.fool.com/author/20644/" data-track-action="foolcom_evergreen_click" data-source="foolcom_evergreen_click" data-track-category="evergreen_byline" data-track-link="Motley Fool Retirement Team" >Motley Fool Retirement Team</a> – Updated Nov 21, 2024 at 12:18PM </div> <div class="mt-8 bg-white shadow-card p-20px"> <p class="mb-8 text-lg font-bold uppercase">Key Points</p> <ul class="font-medium"> <li class="flex leading-tight my-8px"> <div class="mt-2px mr-8px w-16px"> <svg width="14" height="15" viewBox="0 0 14 15" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M14 5.58984C14 2.91016 11.8398 0.75 9.16016 0.75C6.50781 0.777344 4.375 2.91016 4.375 5.5625C4.375 6.10938 4.45703 6.60156 4.59375 7.09375L0.191406 11.4961C0.0546875 11.6328 0 11.7969 0 11.9609V14.0938C0 14.4766 0.273438 14.75 0.65625 14.75H3.71875C4.07422 14.75 4.375 14.4766 4.375 14.0938V13H5.46875C5.82422 13 6.125 12.7266 6.125 12.3438V11.25H7.13672C7.30078 11.25 7.51953 11.168 7.62891 11.0312L8.28516 10.293C8.55859 10.3477 8.85938 10.375 9.1875 10.375C11.8398 10.375 14 8.24219 14 5.58984ZM9.1875 4.25C9.1875 3.53906 9.76172 2.9375 10.5 2.9375C11.2109 2.9375 11.8125 3.53906 11.8125 4.25C11.8125 4.98828 11.2109 5.5625 10.5 5.5625C9.76172 5.5625 9.1875 4.98828 9.1875 4.25Z" fill="#FFB81C"/> </svg> </div> SEP IRAs require equal percentage contributions for owners and employees. </li><li class="flex leading-tight my-8px"> <div class="mt-2px mr-8px w-16px"> <svg width="14" height="15" viewBox="0 0 14 15" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M14 5.58984C14 2.91016 11.8398 0.75 9.16016 0.75C6.50781 0.777344 4.375 2.91016 4.375 5.5625C4.375 6.10938 4.45703 6.60156 4.59375 7.09375L0.191406 11.4961C0.0546875 11.6328 0 11.7969 0 11.9609V14.0938C0 14.4766 0.273438 14.75 0.65625 14.75H3.71875C4.07422 14.75 4.375 14.4766 4.375 14.0938V13H5.46875C5.82422 13 6.125 12.7266 6.125 12.3438V11.25H7.13672C7.30078 11.25 7.51953 11.168 7.62891 11.0312L8.28516 10.293C8.55859 10.3477 8.85938 10.375 9.1875 10.375C11.8398 10.375 14 8.24219 14 5.58984ZM9.1875 4.25C9.1875 3.53906 9.76172 2.9375 10.5 2.9375C11.2109 2.9375 11.8125 3.53906 11.8125 4.25C11.8125 4.98828 11.2109 5.5625 10.5 5.5625C9.76172 5.5625 9.1875 4.98828 9.1875 4.25Z" fill="#FFB81C"/> </svg> </div> SEP IRAs are designed for self-employed people and small-business owners. </li><li class="flex leading-tight my-8px"> <div class="mt-2px mr-8px w-16px"> <svg width="14" height="15" viewBox="0 0 14 15" fill="none" xmlns="http://www.w3.org/2000/svg"> <path d="M14 5.58984C14 2.91016 11.8398 0.75 9.16016 0.75C6.50781 0.777344 4.375 2.91016 4.375 5.5625C4.375 6.10938 4.45703 6.60156 4.59375 7.09375L0.191406 11.4961C0.0546875 11.6328 0 11.7969 0 11.9609V14.0938C0 14.4766 0.273438 14.75 0.65625 14.75H3.71875C4.07422 14.75 4.375 14.4766 4.375 14.0938V13H5.46875C5.82422 13 6.125 12.7266 6.125 12.3438V11.25H7.13672C7.30078 11.25 7.51953 11.168 7.62891 11.0312L8.28516 10.293C8.55859 10.3477 8.85938 10.375 9.1875 10.375C11.8398 10.375 14 8.24219 14 5.58984ZM9.1875 4.25C9.1875 3.53906 9.76172 2.9375 10.5 2.9375C11.2109 2.9375 11.8125 3.53906 11.8125 4.25C11.8125 4.98828 11.2109 5.5625 10.5 5.5625C9.76172 5.5625 9.1875 4.98828 9.1875 4.25Z" fill="#FFB81C"/> </svg> </div> SEP IRA holders can also save in other retirement plans, like a Roth IRA.</li> <li class="flex leading-tight my-8px keypoints-pitch-container"> <div class="mt-2px mr-8px w-16px"> <svg width="14" height="15" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 448 512"> <path d="M224 0c-17.7 0-32 14.3-32 32V51.2C119 66 64 130.6 64 208v18.8c0 47-17.3 92.4-48.5 127.6l-7.4 8.3c-8.4 9.4-10.4 22.9-5.3 34.4S19.4 416 32 416H416c12.6 0 24-7.4 29.2-18.9s3.1-25-5.3-34.4l-7.4-8.3C401.3 319.2 384 273.9 384 226.8V208c0-77.4-55-142-128-156.8V32c0-17.7-14.3-32-32-32zm45.3 493.3c12-12 18.7-28.3 18.7-45.3H224 160c0 17 6.7 33.3 18.7 45.3s28.3 18.7 45.3 18.7s33.3-6.7 45.3-18.7z" fill="#FFB81C" /> </svg> </div> <div> <div data-pitch-placement="keypoints_pitch"> <div><a class="text-cyan-800 hover:text-cyan-600" href="https://www.fool.com/mms/mark/all-in-advert?aid=9223&paid=9223&waid=9223&source=isaedikp0000004&psource=isaedikp0000004&wsource=isaedikp0000004" data-track-action="foolcom_evergreen_click" data-source="foolcom_evergreen_click" data-track-category="foolcom_evergreen_key_points" data-track-link="Motley Fool Issues Rare All In Buy Alert">Motley Fool Issues Rare “All In” Buy Alert</a></div> </div> </div> </li> </ul> <div class="italic text-md pt-8px">Key findings are powered by ChatGPT and based solely off the content from this article. Findings are reviewed by our editorial team. The author and editors take ultimate responsibility for the content.</div> </div> </div> <div class="border-gray-200 -mx-24px md:-mx-40px h-1px border-b-1px md:border-b-0px pt-16px md:pt-0px md:h-16px md:bg-gradient-to-b from-transparent to-gray-200"></div> </section> <section class="container mx-auto bg-white px-24px md:px-40 pt-16px md:pb-8"> <div class="flex justify-center"> <div id="articles-top" class="relative show-ad-label xl:min-w-100 mt-20px pt-16px pb-16px bg-gray-200 border border-gray-200 px-20px grid justify-center"> <div class="bg-gradient-to-br from-gray-300 to-gray-100" style="width:970px; height:250px;"></div> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('articles-top'); }); </script> </div> </div> <div class="mx-auto md:max-w-880 lg:max-w-1280"> <div class="mt-20px md:mt-36px foolcom-grid-toc-content-sidebar "> <div id="toc-subnav" class="lg:w-176 lg:pr-28px mb-32px"> <toc_subnav /> </div> <div class="max-w-full w-full mx-auto article-body"> <section class="block-paragraph"> <p data-block-key="pnpez">SEP stands for simplified employee pension, and IRA is short for individual retirement account. SEP IRAs can help the self-employed and small business owners save for retirement in a tax-advantaged way.</p> </section> <section class="block-image"> <div class="inline-block mx-auto mb-32px"> <img src="https://m.foolcdn.com/media/dubs/images/sep-ira-infographic.width-880.png" width="880" alt="An infographic explaining what SEP (simplified employee pension) IRAs are and how they work." loading="lazy"> <div class="not-italic text-gray-600 text-md">Image source: The Motley Fool</div> </div> </section> <section class="block-paragraph"> <h2 class="toc-target" data-block-key="flt6t">What is a SEP IRA?</h2><h2 data-block-key="4kehu">What is a SEP IRA?</h2><p data-block-key="4g7g8">A SEP IRA is a type of <a href="/retirement/plans/">retirement plan</a> that enables small business owners, along with their employees, to save money for retirement. Like other <a href="/retirement/plans/ira/">IRAs</a>, SEP IRAs are fully owned and controlled by the beneficiary of the account.</p><p data-block-key="eujym">While SEP IRAs are available to businesses of any size, they’re best suited for the self-employed or businesses with very few employees. An employer that establishes a SEP IRA is responsible for 100% of the contributions and must provide equal benefits to all eligible employees.</p> </section> <section class="block-pitch"> <div id="foolcom-wagtail-foolcom_body_ascent_offers" data-pitch-placement="foolcom_body_ascent_offers"></div> </section> <section class="block-paragraph"> <h2 class="toc-target" data-block-key="v1hea">How does a SEP IRA work?</h2><h2 data-block-key="ag2ej">How does a SEP IRA work?</h2><p data-block-key="ftk21">Individual employees do not make contributions to a SEP IRA, but rather the company owner contributes all the funds into the employees' accounts. As a percentage, contributions to the SEP IRA of each owner and employee must be equal. If an employer contributes to his or her own SEP IRA an amount equivalent to 25% of their annual compensation, then the employer must contribute for each employee an amount equal to at least 25% of the employee's salary.</p><p data-block-key="feq7d">The funds in a SEP IRA are owned and managed by the individual employee. Most SEP IRAs have the same investment, distribution, and rollover rules as <a href="/retirement/plans/ira/traditional-ira/">traditional IRAs</a>, with investments in SEP IRAs increasing on a tax-deferred basis until the owner withdraws from the account. However, under new Secure Act 2.0 rules, you can make Roth (post-tax) contributions to a SEP IRA and receive post-tax withdrawals in retirement.</p><div class="flex justify-center"> <div class="relative show-ad-label xl:min-w-100 mb-24px pt-16px pb-16px bg-gray-200 border border-gray-200 px-20px grid justify-center" id="articles-incontent1"> <div class="bg-gradient-to-br from-gray-300 to-gray-100" style="width:300px; height:250px;"></div> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('articles-incontent1'); }); </script> </div> </div><p data-block-key="kq6bi">Individuals are required to pay taxes on their <a href="/retirement/plans/ira/withdrawal/">withdrawals</a> in retirement from a SEP IRA. Just as with a traditional IRA, SEP IRA withdrawals are treated as ordinary income for tax purposes. Early withdrawals, or those taken before the age of 59 1/2, are subject to an additional 10% penalty on the amount withdrawn. SEP IRA holders are also required to take <a href="/retirement/plans/ira/required-minimum-distributions/">annual minimum distributions</a> starting at age 73.</p> </section> <section class="block-callout"> <div class="flex border border-gray-300 md:mb-60 shadow-card wagtail-block"> <div class="flex items-center bg-royal-purple-700 p-8px md:p-16px"> <img class="flex-none hidden object-cover md:block" alt="Icon dollar sign in envelope" src="https://m.foolcdn.com/media/dubs/images/Vector_3.width-300.png" loading="lazy"> </div> <div class="flex flex-col justify-center p-16px"> <div class="font-bold leading-snug text-18 mb-8px md:mb-0px">Learn more</div> <div><p data-block-key="16cqo"><a href="/retirement/plans/sep-ira/rules/">Understand all the rules for SEP IRAs</a></p></div> </div> </div> </section> <section class="block-paragraph"> <h2 class="toc-target" data-block-key="lt3gb">Investment options with SEP IRAs</h2><h2 data-block-key="dqgt4">Investment options with SEP IRAs</h2><p data-block-key="qiy6v">SEP IRA owners have relatively few restrictions on the types of securities they can hold in their account. Collectibles and life insurance, for example, are not permitted by the Internal Revenue Service (IRS), but these asset types are unlikely to appeal to most investors. The IRS also prohibits investors from using their SEP IRA funds to trade <a href="/terms/f/financial-derivatives/">derivatives</a> with undefined or unlimited risk.</p><p data-block-key="fuocv">The specific investment options available to each SEP IRA holder vary depending on where the account is held. Most <a href="https://www.fool.com/money/buying-stocks/">brokerages</a> permit SEP IRA owners to buy and sell most securities and financial instruments, including stocks, bonds, <a href="/investing/how-to-invest/etfs/">exchange-traded funds</a> (ETFs), mutual funds, money market funds, and certificates of deposit (CDs). Some brokerages restrict certain types of trading activity such as options trading.</p><div class="flex justify-center"> <div class="relative show-ad-label xl:min-w-100 mb-24px pt-16px pb-16px bg-gray-200 border border-gray-200 px-20px grid justify-center" id="articles-incontent2"> <div class="bg-gradient-to-br from-gray-300 to-gray-100" style="width:300px; height:250px;"></div> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('articles-incontent2'); }); </script> </div> </div><h2 class="toc-target" data-block-key="blr9b">Who’s eligible for a SEP IRA</h2><h2 data-block-key="1vicc">Who’s eligible for a SEP IRA</h2><p data-block-key="6bfqd">You are eligible to establish a SEP IRA if you’re either self-employed or a business owner. If you have employees, they are considered by the IRS as "eligible" for a SEP IRA if they meet these criteria:</p><ul><li data-block-key="4akg6">Are at least 21 years old</li><li data-block-key="b6e75">Have worked for the company in three of the past five years</li><li data-block-key="dlomg">Receive at least $750 in compensation in 2024 and 2025</li></ul><p data-block-key="33b84">All eligible employees must have SEP IRAs established for them. While an employer may set less strict eligibility requirements, the same requirements must apply equally to all owners and employees of a company. A business owner can change a company's eligibility criteria at any time provided that the criteria is at least as strict as the IRS criteria.</p> </section> <section class="block-pitch"> <div id="foolcom-wagtail-in_line_article_pitch" data-pitch-placement="in_line_article_pitch"></div> </section> <section class="block-paragraph"> <h2 class="toc-target" data-block-key="t0gju">SEP IRA contribution limits</h2><h2 data-block-key="bb4b8">SEP IRA contribution limits</h2><p data-block-key="jgd0r">The per-person annual <a href="/retirement/plans/sep-ira/contribution-limits/">contribution limit</a> for a SEP IRA is the smaller of:</p><ul><li data-block-key="igfbj">25% of the business owner or employee's compensation, or</li><li data-block-key="mgo6g">$69,000 in 2024, or $70,000 in 2025</li></ul><p data-block-key="pl2pm">That’s a lot more than the $7,000 standard contribution limit for an IRA in 2024 and 2025. An employer can also opt not to fund a SEP IRA in a given year provided that all owners and employees receive equal treatment.</p> </section> <section class="block-paragraph"> <h2 class="toc-target" data-block-key="0u0ir">Combining a SEP IRA with other retirement accounts</h2><h2 data-block-key="9jtgt">Combining a SEP IRA with other retirement accounts</h2><p data-block-key="xr359">If you have a SEP IRA, you can still establish other types of retirement accounts. But because a SEP IRA is an <a href="/retirement/plans/employer-sponsored/">employer-sponsored retirement plan</a>, the IRS imposes some additional restrictions on your ability to contribute to other retirement funds.</p><h3 data-block-key="lhnng">SEP IRAs combined with traditional IRAs</h3><p data-block-key="ezanw">If you participate in a SEP IRA, you can still open a traditional IRA. But if your employer contributes to your SEP IRA and you earn more than a certain amount of income, your contributions to your traditional IRA are not fully tax-deductible.</p><div class="flex justify-center"> <div class="relative show-ad-label xl:min-w-100 mb-24px pt-16px pb-16px bg-gray-200 border border-gray-200 px-20px grid justify-center" id="articles-incontent3"> <div class="bg-gradient-to-br from-gray-300 to-gray-100" style="width:300px; height:250px;"></div> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('articles-incontent3'); }); </script> </div> </div><p data-block-key="31lbg">For 2024, the tax deduction starts phasing out when your modified adjusted gross income reaches $77,000 for individuals and $123,000 for people married filing jointly. In 2025, these thresholds increase to $79,000 for single filers and $126,000 for married couples filing a joint tax return.</p><h3 data-block-key="kemnm">SEP IRAs combined with Roth IRAs</h3><p data-block-key="c3ygw">You can establish a <a href="/retirement/plans/roth-ira/">Roth IRA</a> even if you participate in a SEP IRA. The maximum amount that you are annually allowed to contribute to a Roth IRA is unaffected by holding any employer-sponsored plan such as a SEP IRA.</p><p data-block-key="ld97u"><b>SEP IRAs combined with 401(k)s</b></p><p data-block-key="llmz9">You are unlikely to have a SEP IRA and a 401(k) from the same employer since the annual contribution limits for employers apply to both types of accounts combined. If you have two separate jobs offering two retirement plans, you can fully participate in both employer-sponsored retirement plans. You can have a SEP IRA at one job and a 401(k) at the other.</p><h3 data-block-key="hgnqz">SEP IRAs combined with HSAs</h3><p data-block-key="eytea">You can contribute to both a SEP IRA and a <a href="/retirement/plans/hsa/">health savings account</a> (HSA). SEP IRA contributions don't affect HSA contribution limits or the tax treatment of HSA contributions. If your employer offers both a SEP IRA and an HSA and contributes matching funds to the HSA, those HSA funds are not counted as income to you as an employee.</p><h2 class="toc-target" data-block-key="5hbj2">How to open a SEP IRA</h2><h2 data-block-key="4td2p">How to open a SEP IRA</h2><p data-block-key="e3sj6">Opening a SEP IRA is very simple. Most banks and brokerages offer a pre-approved SEP IRA plan prototype that meets IRS standards. The IRS also offers business owners the option of using its own model SEP or a custom plan.</p><p data-block-key="fmgh">Employers must provide all pertinent information about the SEP IRA to employees. Then the business owner can open individual accounts for each eligible person.</p><p data-block-key="945mi">The annual deadline to open and fund a SEP IRA is the due date of the company's income tax return. The deadline to open and fund an account for 2024 is when the business files taxes in 2025.</p><h2 class="toc-target" data-block-key="51n93">Is a SEP IRA right for you?</h2><h2 data-block-key="aiipr">Is a SEP IRA right for you?</h2><p data-block-key="ebsp">SEP IRA contributions are deductible as a business expense on corporate tax returns, and, for self-employed individuals, SEP IRA contributions are tax-deductible on individual tax returns. These tax benefits, combined with the low cost and administrative simplicity of establishing a SEP IRA, make them appealing to many entrepreneurs.</p><p data-block-key="2vi57">But since business owners are responsible for 100% of contributions to SEP IRAs and must contribute equally on a percentage basis to the SEP IRA of every owner and employee, SEP IRAs are not well suited for every business. SEP IRAs are best designed for small businesses with few employees and with few or none of those employees meeting the eligibility requirement. Highly compensated owners of single-person businesses can also benefit from SEP IRAs because of the high contribution limits.</p><p data-block-key="7ud80">If you earn enough money to contribute the maximum permissible amount to a SEP IRA, a SEP IRA may be a smart choice. But if you are self-employed with no employees, then a <a href="/retirement/plans/solo-401k/">solo 401(k)</a> may be a better option.</p> </section> <section class="block-paragraph"> <h2 data-block-key="12s5e">Related Retirement Topics</h2> </section> <section class="block-hub_pages"> <div class="gap-24 md:grid md:grid-cols-4 lg:grid-cols-2 xl:grid-cols-4 wagtail-block"> <div class="border border-gray-300 shadow-card mb-24px md:mb-0px"> <a class="block h-full p-16px border-t-4px border-cyan-700 hover:border-cyan-600" href="/retirement/plans/ira/" data-track-action="foolcom_evergreen_click" data-source="foolcom_evergreen_click" data-track-category="foolcom_evergreen_hub_pages_block" data-track-link="IRAs" > <h4 class="font-bold text-md"> IRAs </h4> <p>Under the umbrella of individual retirement accounts, there are many options.</p> </a> </div> <div class="border border-gray-300 shadow-card mb-24px md:mb-0px"> <a class="block h-full p-16px border-t-4px border-cyan-700 hover:border-cyan-600" href="/retirement/plans/401k/" data-track-action="foolcom_evergreen_click" data-source="foolcom_evergreen_click" data-track-category="foolcom_evergreen_hub_pages_block" data-track-link="401(k)" > <h4 class="font-bold text-md"> 401(k) </h4> <p>Learn how these employer-sponsored retirement plans work and if they’re right for you.</p> </a> </div> <div class="border border-gray-300 shadow-card mb-24px md:mb-0px"> <a class="block h-full p-16px border-t-4px border-cyan-700 hover:border-cyan-600" href="/retirement/" data-track-action="foolcom_evergreen_click" data-source="foolcom_evergreen_click" data-track-category="foolcom_evergreen_hub_pages_block" data-track-link="Retirement Plans" > <h4 class="font-bold text-md"> Retirement Plans </h4> <p>Learn how, why, and how much to save for your golden years.</p> </a> </div> <div class="border border-gray-300 shadow-card mb-24px md:mb-0px"> <a class="block h-full p-16px border-t-4px border-cyan-700 hover:border-cyan-600" href="/retirement/strategies/" data-track-action="foolcom_evergreen_click" data-source="foolcom_evergreen_click" data-track-category="foolcom_evergreen_hub_pages_block" data-track-link="Retirement Strategies" > <h4 class="font-bold text-md"> Retirement Strategies </h4> <p>You know you need to save for retirement. 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