Choosing between a SIMPLE and SEP Plan
TLDR (with comparison table)
As you grow your business, you're likely thinking about strategies to gain and retain employees. One easy way to do this is offer retirement plans. As a small business owner, you have options.
TLDR: Choosing Between SEP IRA and SIMPLE IRA:
SEP IRA: Offers more flexibility in contributions and higher limits, making it ideal for self-employed individuals or businesses with variable cash flow.
SIMPLE IRA: Provides a straightforward way to offer retirement benefits to employees, but requires mandatory employer contributions. It’s suitable for businesses that want employee participation.
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