Adam Levy (TMFnCaffeine) Dec 10, 2020 at 10:48AM Author Bio. But if you’re self-employed with no employees, the choice depends on how much you plan to save. That’s due to the employees’ ability to make contributions to a Solo 401(k). Self-Employed Retirement Plan Faceoff: SEP IRA vs Solo 401K vs SIMPLE IRA Last updated: January 3, 2020 G.E. SEP IRA vs. Solo 401K vs. But it also comes with a lot of responsibilities — not the least of which is saving for your own retirement. But again, with these issues I wouldn’t leave anything to chance. By. FINRA’s BrokerCheck. That’s the document designed to paint a financial and compliance. Ask our Retirement expert. A SEP functions similarly to a traditional IRA. And the money you invest in them grows free of taxes. Twitter. A SIMPLE IRA allows both the employee and the small business owner or sole proprietor to make contributions. If you’re deciding between a solo 401(k) and a SEP IRA, and you have employees, the choice is easy: SEP IRA. To help you make the right decision, we published studies on the. The term IRA stands for “Individual Retirement Account,” one of the two most standard retirement accounts that any individual can have. If you withdraw money from your account before turning 59.5 years old, the distribution would be taxed as ordinary income plus a 10% early withdrawal penalty. If you don’t know where to begin to set up the plan the best fits your needs, a financial advisor can help. A SEP IRA stands for “Simplified Employment Plan” IRA. Another popular choice for the self-employed is the solo 401(k). But this can be an expensive proposition since contributions for employees must match the percentage of the salary that the owner makes for themselves. If this sounds like you then keep it simple and set up a SEP IRA. Simple IRA vs 401(k) vs Solo 401(k) vs SEP IRA. SEP IRA and 401(k) plan accounts are owned by the employee, who can choose between a range of investment options. Sep-IRA vs Solo 401K If you work as an independent contractor, meaning you get a Form 1099 each pay period instead of a W-2, you’re responsible for your own benefits, including a retirement plan. As for those who are self-employed, I believe the limit is 20% of income to a SEP IRA vs. 25% to a solo 401k. Have a question? The solo 401(k) and SEP IRA are two of the best retirement plans available for a small business owner – even a self-employed freelancer – looking to set up a professional caliber plan. The simple answer to this question is that SEP IRAs are retirement accounts opened by freelancers while 401(k)s are retirement accounts administered by larger companies for their employees. Securities and Advisory Services offered through Cantella & Co. Inc., Member FINRA/SIPC. A Simplified Employee Pension Individual Retirement Arrangement (SEP IRA) This is designed for small business owners and allows flexible contributions. Both accounts allow for people to sock away large amounts of pre-tax income — as of 2018, both SEPs and 401(k… You can start small with a traditional IRA or a Roth IRA. Miller 5 Comments While completing my taxes this year, I started … The Simplified Employee Pension Plan (“SEP”) IRA and the 401k Profit Sharing Plan (401k PS) are two of the most common retirement plans for successful small businesses and self-employed individuals, since they offer high contribution limits and flexible annual contributions. So which type of retirement plan makes the most sense for you? You can contribute more to a Solo 401k vs. SEP IRA . That said, total contributions (employer and employee, combined) to your solo 401(k) can’t exceed $56,000, or $62,000 if you’re at least 50 years old in 2019. For example, if you made $15,000 of eligible compensation, you could sock all $15,000 of it away with a Self-Employed 401(k), but only $3,750 with a SEP IRA.” To me, this is the most … IRAS. The simple answer to this question is that SEP IRAs are retirement accounts opened by freelancers while 401(k)s are retirement accounts administered by larger companies for their employees. SEP IRA vs 401k: How SEP IRAs Compare. As with a corporate 401(k), you, as an employer, can also contribute to your solo 401(k). Another important distinction between the SEP IRA versus the Individual 401k is the loan feature. If you are a self employed individual or an owner and spouse business and are considering a SEP IRA or Individual 401k … They are IRA, Simplified Employee Pension aka SEP, a Keogh Plan, or a 401k plan. The following chart lays out the details of each of the retirement plans. In answer to your first question, the answer is generally yes. Employee and employer. SEP IRA vs 401k: Some Background The main differences between the three retirement vehicles mentioned above, are going to be the tax benefits and who they are designed to work for. In 2020 participants in an Individual 401k can contribute up to 100% of the first $19,500 ($26,000 if age 50 or older) of W-2 compensation or net self employment income for a sole proprietorship. This post will help you decide which to use. For the SEP IRA, your contributions are 20% of your income which means your business needs to earn at least $275,000 in income before you can max out your contributions. If you are the sole proprietor of a small business, you can choose between using a SIMPLE IRA or a SEP-IRA for yourself and your employees. sep ira vs. 401k. You can contribute the lesser of the following in 2019: Meanwhile, a traditional IRA permits contributions up to $6,000 or $7,000 if you’re at least age 50. But your earnings are tax-free when you make qualified withdrawals. SIMPLE IRA Your primary considerations should be: Do you have a 403B, 401K, or other qualified retirement plan through an employer? Photo credit: ©iStock.com/StockRocket,/©iStock.com/designer491, ©iStock.com/Nuthawut Somsuk. The deadline for contributions is the same date. A SEP-IRA is a Simplified Employee Pension plan that offers retirement savings benefits for employers and their employees. In addition, a profit sharing contribution can be made up to 25% of W-2 wages or 20% of net self employment income. However, only up to $280,000 worth of compensation can get calculated into your employer contribution limit. The Simplified Employee Pension Plan (“SEP”) IRA and the 401k Profit Sharing Plan (401k PS) are two of the most common retirement plans for successful small businesses and self-employed individuals, … SEP-IRA. You can open a solo 401(k) through most financial institutions and online brokers. Once you take the match away IRAs become far better than 401ks. All rights reserved. If you are a self employed individual or an owner and spouse business and are considering a SEP IRA or Individual 401k reading this information should help you make your decision easier by explaining the differences simply. All profit sharing contributions must be made to a traditional account. A simplified employee plan (SEP) IRA is a type of IRA that works well for the self-employed or the small business owner. This is because they allow for a fixed $18,500 Salary Deferred portion, regardless of how much your business makes. In 2019, as an employee, you can contribute up to $19,000 to your solo 401(k), and an additional $6,000 if you are at least age 50. A SEP IRA is the right choice if you aren't in need of a loan and don't anticipate needing one in the future. SIMPLE IRA vs. SEP-IRA. Potentially greater retirement contributions at the same income level, therefore maximizing retirement contributions and valuable tax deductions. The only con to a solo 401(k) is that it may involve a little more paperwork, so it’s only worth setting up if you’re looking to make large contributions to it. Facebook. Automatic contributions toward your employees’ plans can be a major selling point to attract the right talent. Learn more about an Individual 401k loan. A SEP provides high maximum contribution limits, but an Individual 401k may allow a greater contribution at the same income level. Not only can you make bigger contributions as an employee, but you can also make contributions as an employer. You can contribute more to a Solo 401k vs. SEP IRA . What’s more, you can double that amount if your spouse also earns income from your business. The option of a tax free loan using the balance of the plan as collateral via an Individual 401k loan. Roger Wohlner says October 4, 2013 at 9:03 pm. Selecting the right retirement plan can be confusing and the subtle differences between options can sometimes be overlooked. If you have a solo 401k, are you required to contribute to it at all, or can you choose a SEP IRA in any given year? For starters, you may enjoy much larger contribution limits. You just need your employer identification number to apply. You can’t open a solo 401(k) plan if you have an employee other than your spouse. If you’re deciding between a solo 401(k) and a SEP IRA, and you have employees, the choice is easy: SEP IRA. The SEP IRA is a type of a Traditional IRA… SEP IRA vs. Self-Employed 401(k) Plan. SIMPLE IRA. Employees in SEP IRA … 401(k) vs. IRA: An Overview . Simply stated there are 2 primary advantages of the Individual 401k over the SEP IRA. If you value the loan feature or want to maximize your annual retirement contributions then you should consider an Individual 401k. Adam has been writing for The Motley Fool … Beacon Capital Management Advisors is registered in all 50 States and is a branch office of Cantella and Co. Inc. © 2020 Beacon Capital Management Advisors. Solo 401k allows for higher annual contribution limits than a SEP IRA. By Kimberly Lankford , Contributor July 24, … Can you contribute to both a solo 401k and a SEP IRA in the same year? But if this proves to be more expensive than beneficial, you can set up a solo or individual 401(k) plan for your business. Individual 401k plans have greater administrative responsibilities than a SEP, but may allow a larger annual contribution at identical income levels due to the way the annual contribution is calculated. It is only when you hire full-time employees that a SEP IRA makes sense. Retirement Savings for Freelancers: Solo 401(k) vs. SEP IRA How to choose the best tax-advantaged retirement savings plan if you’re self-employed. The IRS taxes your distributions when you make qualified withdrawals in retirement. Compare the Top 3 Financial Advisors For You, 25% of your compensation (with a $280,000 ceiling for the calculation), They’ve worked for you during three of the last five years, They’ve earned at least $600 from you in the past year. Another issue to consider is whether you’d like to have the option of borrowing against your retirement plan by using your retirement plan's balance as collateral and receive an Individual 401k loan. Employers can offer a 401(k), a SEP IRA, or SIMPLE IRA, while individuals can set up a traditional or Roth IRA. The SEP IRA vs. Solo 401(k)–which is the best retirement plan if you’re self-employed? First, you have to know what it is. INDIVIDUAL 401(K) No common-law employees. But again, with these issues I wouldn’t leave anything to chance. SEP IRA vs. Solo 401(k) Owners of small businesses have more choices today when it comes to saving for retirement. There are several tax advantaged retirement plans out there. The SEP IRA is a type of a Traditional IRA, however it is specifically for small business owners. To help choose the right plan for your business, you need to understand their features and match them to … SEP IRAs and solo 401(k)s are tax-deferred retirement savings vehicles for small business owners. Your two main choices are a SEP-IRA or a Solo 401K. Your two main choices are a SEP-IRA or a Solo 401K… So how do you choose? Employees must be at least 21 to participate in either of these these plans. For self-employed people, I agree that unless you want to tax shelter money over and above the standard contribution of the 401k, you’re better off with the SEP IRA. Contributing to both plans makes little sense. However, they have their own unique benefits. SEP IRA and 401(k) plan accounts are owned by the employee, who can choose between a range of investment options. Other retirement plans, such as Traditional IRAs and 401(k) plans, can be rolled over into a SEP-IRA. SEP IRA, Solo 401k for small business is broke down in an LLC vs. S Corp explanation. If you have questions or need advice contact us. Employer contributions and employee deferrals. The contribution limit calculation in an Individual 401k is important because it allows you to potentially save more than a SEP IRA at the same income level. If you can’t put away more than $6,000, you should go with the SEP IRA until you can afford to save more. Also, there is no rule  stopping you from making additional contributions to a traditional IRA or Roth IRA for  yourself, though the amount you can claim as tax-deductible may be limited. A SEP IRA or individual 401(k) can be set up as late as the due date (including extensions) for the business’s tax return for the year. So if you contribute 20% of your compensation toward your own SEP IRA, you must also contribute 20% of each eligible employee’s compensation to his or her individual plan. Both are looking at small business retirement plans and would like something that is tax deductible. Everyone’s personal situation is different and there is no single definitive superior retirement plan for every individual who earns self-employment income. The SEP IRA does not allow catch-up contributions if you’re over 50, and it does not offer a Roth version, so if either of those is a dealbreaker, the SEP IRA won’t be for you. This ensures that the government starts receiving taxes on your savings. Employees can’t contribute to their own SEP IRAs in most cases. Luckil… Bottom line. It is important to note that you can set up a SEP IRA and convert to an Individual 401k in the future if you change your mind and either want to receive an Individual 401k loan or if you want to contribute more than the calculations of a SEP IRA will allow. The SEP IRA and Individual 401k are the two most common retirement plans chosen by successful self employed individuals and owner and spouse businesses due to their high contribution limits and flexible annual contributions. Generally, employees must be allowed to participate if they're 21 or older, earn at least $600 in the tax year 2020 (or $650 in tax year 2021), and have worked for the same employer in at least 3 of the past 5 years. With a solo 401(k), a self-employed business owner can make contributions as both the employee and the employer. Look under “Retirement Plans for Small Businesses.”. They’re similar to each other but with one big difference. Those who have full-time employees can save for retirement using a SEP IRA… For a sole proprietor, this means that you can set up the plan and make contributions for a given year as late as April 15 of the following year (or October 15 of the following year if you filed for an extension). Therefore employees do not contribute to their own accounts. The deadline for contributions is the same date. A final point to consider is IRS rules do not permit loans with a SEP IRA. We provide more information about them on our website www.definedbenefitplan.com. Linkedin. How Much Do I Need to Save for Retirement? However, when you work for yourself, it's a different story. When you work for an employer, you can usually count on there being a 401(k) plan or something similar already in place that you can contribute to. Otherwise, no age or service restrictions. Solo 401(k) vs. SEP-IRA Comparing solo 401(k)s and SEP-IRAs for the self-employed. SIMPLE IRA SEP IRA; Who can contribute: Employee and employer. It allows you to contribute toward your retirement savings while doing the same for your employees. As for those who are self-employed, I believe the limit is 20% of income to a SEP IRA vs. 25% to a solo 401k. That said, if you contribute to a SEP IRA for yourself, the IRS requires that you also  contribute toward the SEP IRA of every eligible employee. Employer contributions are optional. SEP IRA plans for 2020 enable a business owner to put approximately 20% of income away to a maximum of $57,000. As detailed above, the Solo 401(k) is the far superior option for the self-employed. Sep-IRA vs Solo 401K If you work as an independent contractor, meaning you get a Form 1099 each pay period instead of a W-2, you’re responsible for your own benefits, including a retirement plan. But you must fill out IRS form 5500-SF if your plan has more than $250,000. Employer contributions only. SEP IRA vs. Solo 401k – Advantages of a Solo 401k. The Most Significant Distinctions Between the SEP IRA vs Solo 401k. A Safe Harbor 401(k) plan is a qualified retirement plan that is designed to meet non-discrimination requirements in a more simplified manner than a regular 401(k… Beacon Capital Management Advisors is registered in all 50 States and is an Accredited Business of the Better Business Bureau since 2004. It’s easier to max out your Solo 401k contributions vs the SEP IRA. The funding of a SEP-IRA is entirely provided by employer contributions. I also wonder if self employed individuals can use both an IRA and a 401K like those of us with corporate jobs can. They’re the very best plans available for the self-employed, especially if you’re a sole practitioner. The Solo 401(k) and the SEP-IRA are two popular options for folks who are self-employed. Employees become … Saving for retirement is one of the most important financial goals that we need to achieve in our lifetime. Both the SEP IRA and the Solo 401K are self-employed retirement plans. You can build a diversified portfolio with a variety of funds like stocks, bonds and mutual funds. What’s more, those employer contributions much match the percentage of compensation you contribute toward your own. The reason for this is that a Solo 401k … Solo 401(k) Vs. SEP IRA. However, you enjoy some perks you won’t get with a traditional IRA. A SEP IRA differs from a self-employed 401(k) plan with respect to the following features: Suitability: Both plans are available to small business owners and self-employed individuals. If you have employees, they can make contributions. What level of self-employment income do you earn? It’s a retirement … For many successful business owners the decision of which retirement plan to choose comes down to either a SEP IRA or Individual 401k. SEP IRA vs. Solo 401(k) Owners of small businesses have more choices today when it comes to saving for retirement. The conventional wisdom regarding the Solo 401(k) vs SEP IRA question is that self-employed people should choose the Solo 401(k) because in most cases, the potential tax savings are … A solo 401(k) functions much like its corporate counterpart. In truth, you can’t go wrong with either. Note: Consider a defined benefit plan as an alternative to a SEP IRA or Individual 401k if you are self employed and would like to contribute more than the SEP IRA and Individual 401k contribution limits. A SEP IRA and a 401k plan, then, have many similarities; they also have some significant differences. Jim Barnash is a Certified Financial Planner with more than four decades of experience. ForUsAll 401k Blog — Retirement Plan Types: 401(k) vs SEP IRA, SIMPLE IRA, and Solo 401(k) Share this . Solo 401k allows for higher annual contribution limits than a SEP IRA. If you don’t want to defer taxes, you may want to open a solo Roth 401(k) or a Roth IRA, depending on how much you can save. SEP IRA vs Solo 401K. Infographic: SEP IRA vs Solo 401(k) for Self-Employed Business Owners Simplified Employee Pension (SEP IRA) Overview and Eligibility Requirements. Infographic: SEP IRA vs Solo 401(k) for Self-Employed Business Owners Simplified Employee Pension (SEP IRA) Overview and Eligibility Requirements. Employer only; must contribute for all eligible employees. Moving forward, a solo 401(k) works like most retirement plans. SOCIAL SECURITY. If not, the simplicity of a SEP IRA makes it the best choice for you. It’s natural for entrepreneurs to want to put all their net earnings back into their business. An Individual 401k loan may be considered a valuable feature to some self employed business owners. When comparing a SEP IRA to Solo 401(k), it’s important to know that business owners can make larger retirement contributions to a Solo 401(k) for a given level of compensation. Small businesses have 3 basic retirement plan options today – 401k, SIMPLE IRAs, and SEP IRAs. 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