Posted on October 21, 2008

SEP-IRAs: Especially Useful For Self-Employed Baby Boomers

Many baby boomers nearing retirement face an unpleasant dilemma: they haven’t saved enough for retirement, yet don’t have that many years left within which to do so.

If you’re in this situation and are self-employed, you may want to check out the possibility of opening a SEP-IRA, or Simplified Employee Pension Individual Retirement Account.

Unlike regular IRAs, which have relatively low contribution limits of $5,000 or $6,000 per year, SEP-IRAs enable you to sock away as much as $45,000 annually. This can be particularly helpful for baby boomers who need to accumulate a lot in a relatively short amount of time.

Check out the Small Business Boomers Blog for more on this exceptional opportunity.

One Comment on “SEP-IRAs: Especially Useful For Self-Employed Baby Boomers”

  • Thanks for the link. The higher contribution limit is a key advantage of SEP-IRAs. Starting your own company can be a way to use profits to fund your retirement.

    Posted by Jean Murray on October 23, 2008 at 6:10 am

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