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SEP?

Posted on 3/20/19 at 6:13 pm
Posted by CajunLife
Southern Georgia
Member since Apr 2017
510 posts
Posted on 3/20/19 at 6:13 pm
My new employer will put 12% of my pay into a SEP account for me. Can somebody tell me just what a SEP account is. Is it like a savings account where the money just sits there and collects intrest or is it something where I can pick mutual funds and put the money into? Lord I hope its the later as I would think that the stock market would do better long term than any interest bearing account. Thanks in advance.
Posted by Fat Bastard
coach, investor, gambler
Member since Mar 2009
73027 posts
Posted on 3/20/19 at 6:16 pm to
Posted by thatguy777
br
Member since Feb 2007
2386 posts
Posted on 3/20/19 at 6:22 pm to
I have a SEP. Yes you can invest it, lol. Hate to be rude but why don’t ppl just ask questions these days. Everyone runs to the internet. Pro tip: ask ppl questions(employer), call ppl. It will change your life
Posted by LSUFanHouston
NOLA
Member since Jul 2009
37158 posts
Posted on 3/21/19 at 12:39 pm to
Company is putting 12 percent of your pay into a retirement account? That's... really good.
Posted by TorchtheFlyingTiger
1st coast
Member since Jan 2008
2136 posts
Posted on 3/21/19 at 7:10 pm to
This is a great place to get some basic information.
What is a SEP? LMGTFY
Posted by cgrand
HAMMOND
Member since Oct 2009
38915 posts
Posted on 3/22/19 at 10:03 am to
we use a SEP to fund our employee's retirement.
basically the company funds the individual accounts from 1% to 25% of their respective annual salaries, once a year

the past two years we've been able to do 20%.
it is advantageous to the company as the funds deposited reduce our taxable income each year, and obviously advantageous to the employee as the funds are not subject to payroll taxes and are not considered income until withdrawn

it is 100% employer contribution, but you can also purchase additional share of whatever funds you choose up to the annual IRA limit

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