SEP IRA Vs SIMPLE IRA : Small Business Retirement Plans

SEP IRA Vs SIMPLE IRA : Small Business Retirement Plans.

The math for employees and owners of the SEP IRA and SIMPLE IRA are different so make sure to check the math before you decide. In this video, I'm talking about the SEP IRA and the SIMPLE IRA for self-employed small business owners.

SIMPLE IRA:
2% Non-Elective Match means every employee gets a contribution from the employer even if they don't contribute anything.

3% Elective Match is to encourage employees to save too. If they don't want to save then the employer doesn't have to match. It's dollar for dollar. So if the employEE contributes 1% of their compensation to their SIMPLE Plan then the EMPLOYER only has to match 1%.

SEP IRA is ALL employer funded.

Simplified Employee Pension IRA

Savings Incentive Match Plan for Employees IRA

SEP IRA Calculation for the small business owner
https://www.irs.gov/retirement-plans/...
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