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SEP?
Posted on 3/20/19 at 6:13 pm
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 on 3/20/19 at 6:22 pm to CajunLife
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 on 3/21/19 at 12:39 pm to CajunLife
Company is putting 12 percent of your pay into a retirement account? That's... really good.
Posted on 3/21/19 at 7:10 pm to CajunLife
This is a great place to get some basic information.
What is a SEP? LMGTFY
What is a SEP? LMGTFY
Posted on 3/22/19 at 10:03 am to CajunLife
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advantageous to the employee as the funds are not subject to payroll taxes and are not considered income until withdrawn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
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advantageous to the employee as the funds are not subject to payroll taxes and are not considered income until withdrawn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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