Own your own business? Building your client base takes a lot of time and effort. Help you and your employees build for the future too, when you can kick back and enjoy the fruits of your labor. One of the best ways for a small business (with one or more employees) to set up a retirement plan inexpensively and efficiently is a Simplified Employee Pension Plan or SEP. They can be established by an employer of any size, even a one-person business.
With a Countryside Bank SEP, your firm can make contributions to the IRAs of eligible employees, including yourself. SEP plans are great solutions for employers and employees because they:
- Allow higher contribution limits than traditional or Roth IRAs
- Are simple for employers to implement and maintain
- Have low administrative costs
- Have no limitations on the employee's income
- Provide tax-deferred income for employees
- Are FDIC insured up to pre-specified limits.