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.