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re: Need help breaking down a job offer....
Posted on 12/21/15 at 9:34 pm to THRILLHO
Posted on 12/21/15 at 9:34 pm to THRILLHO
SEPs are wonderful retirement plans for smaller employers.
They are actually IRAs funded by the employer. As such, withdrawals before 59 1/2 years of age and not rolled over are subject to the 10% penalty tax in addition to regular income taxes. There is no vesting schedule and employees cannot borrow from their balance in the plan.
I had a SEP for my business and it was a terrific method to accumulte tax deferred savings.
They are actually IRAs funded by the employer. As such, withdrawals before 59 1/2 years of age and not rolled over are subject to the 10% penalty tax in addition to regular income taxes. There is no vesting schedule and employees cannot borrow from their balance in the plan.
I had a SEP for my business and it was a terrific method to accumulte tax deferred savings.
This post was edited on 12/21/15 at 9:35 pm
1
Posted on 12/21/15 at 9:49 pm to LSURussian
quote:
There is no vesting schedule and employees cannot borrow from their balance in the plan.
OK, so I can't really touch that money until I'm 60?
So should I treat the whole SEP situation as if I were making a 10% higher salary than I would with a 401k plan? My (admittedly ignorant) reasoning is that the employee contributing 20% of my salary is the same as a 401k where I contribute 10% of my salary and they match it.
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