by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: SEP IRA

SEP IRA definition:  A SEP IRA is a tax-deferred retirement savings vehicle for self-employed or small (family businesses). SEP stands for Simplified Employee Pension. Testing and compliance associated with 401k plans are not required for SEP IRAs. Contributions to a SEP IRA are tax deductible. Money in the account grows tax-free until withdrawals are made. Employers can make discretionary contributions to SEP IRAs, and contribution limits are higher than most other plans.

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