From DaveRamsey.com…..
So, you’re killing it as your own boss, or you’re part of the backbone of the American economy working at a small business. You’ve got your business or career plan in place—but what about your retirement plan? Are there options out there for you?
Don’t worry, my friend, there are—and one you’ll want to know about is the SEP IRA. That stands for Simplified Employee Pension Individual Retirement Account, and it lets self-employed folks and small businesses create retirement savings plans that are tax-deferred accounts and work like traditional IRAs. This opens up an option for companies with small teams—or a team of one—who likely wouldn’t be able to offer other types of retirement plans because of the complicated setup and high administrative costs.
