For many small business owners, running your business is an all-consuming endeavor.
In the face of everyday demands, preparing for your retirement can become a casualty. For some, the idea of establishing a retirement strategy evokes worries about complicated reporting and administration.
If this sounds familiar, then you may want to consider whether a Simplified Employee Pension (SEP) may be right for you.
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A SEP can be established by sole proprietors, partnerships and corporations, including S corporations.
The advantages of the SEP begin with the flexibility to vary employer contributions each year from 0% up to a maximum of 25% of compensation, with a maximum dollar contribution of $51,000 in 2013.
