One of the more unique types of retirement accounts is the Simplified Employee Pension IRA, or SEP IRA for short. This plan is designed for self-employed folks, as well as for small businesses of any tax organization, whether a corporation (S corp or C corp), sole proprietorship, LLC, LLP, or partnership. The primary benefit of this plan is that it’s simplified (as the name implies) and very little expense or paperwork is involved in the setup and administration of the plan. The SEP becomes less beneficial when more employees are added. There are additional options available in other plans (such as a 401(k)) that may be more desirable to the business owner with more employees. SEP IRAs have a completely different set of contribution limits from the other kinds of IRAs and retirement plans. For example, in 2015, you can contribute up to $53,000 to a SEP IRA. That amount […]
Independent financial advice: IRA, Social Security, income tax, and all things financial
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Jim Blankenship, CFP®, EA
Phone 630-40-DUCKS (630-403-8257)
jim@blankenshipfinancial.com
Twitter: BlankenshipFP / Financialducks
Facebook: Jim Blankenship
LinkedIn: BlankenshipFP
Amazon: Author PageJim provides expert guidance for
your Retirement, Education Funding,
and Income Tax issues and concerns.In addition to this blog, you’ll find Jim’s writings all around the internet, as he is a regular contributor to Forbes.com, TheStreet.com, and FiGuide. Several other sites also republish his work.
He has also written five books on Social Security, IRAs, 401(k) plans, and Medicare. See below for more on the books.
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Sterling Raskie, MSFS, CFP®, ChFC®
Phone 630-40-DUCKS (630-403-8257)
sterling@blankenshipfinancial.com
Twitter: SterlingRaskie
LinkedIn: SterlingRaskieSterling provides expert guidance for your Retirement, Insurance, Education Funding, Investments and Income Tax issues and concerns.
In addition to this blog, you’ll find Sterling’s writings all around the internet. Sterling is also an adjunct professor teaching courses in math, finance, investments and insurance.
The books!
The latest in our Owner’s Manual series, A 401(k) Owner’s Manual, was published in January 2020 and is available on Amazon at this link. This book includes all of the updates to retirement plans with passage of the SECURE Act.
A Medicare Owner’s Manual, is updated with 2020 facts and figures. This manual is available on Amazon at this link.
Social Security for the Suddenly Single can be found on Amazon at this link. This book is narrowly-focused on divorcee Social Security strategies and rules. It is also available in a Kindle version.
Sterling’s first book, Lose Weight Save Money, can be purchased by clicking this link. The book is also available on Kindle, which you can find at this Kindle version link.
An IRA Owner’s Manual, 2nd Edition is available for purchase on Amazon. Click the link to choose the paperback version, or the Kindle version.
Jim’s book – A Social Security Owner’s Manual, is now available on Amazon. Click this link for the Amazon ordering page.Queuing Waterfowl
In case you hadn’t already noticed, this blog doesn’t have much to do with ducks – or any waterfowl for that matter.
No, what we’re doing here is talking about all things financial; getting your financial house in order. Here in the Midwest, “getting your ducks in a row” implies organization, which is one of the outcomes of having a better understanding of your financial life.
I hope you find the answers you’re looking for among the articles here, and perhaps a smile. If you can’t locate your answer, drop me an email or give me a call – we’ll see what we can find for you.
And if you’ve come here to learn about queuing waterfowl, I apologize for the confusion. You may want to discuss your question with Lester, my loyal watchduck and self-proclaimed “advisor’s advisor”.
