Iggy aka IG
Senior Associate
Joined: Oct 25, 2012 12:23:23 GMT -5
Posts: 12,428
Location: Good ol' USA
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SEP IRA
Apr 23, 2021 16:51:32 GMT -5
Post by Iggy aka IG on Apr 23, 2021 16:51:32 GMT -5
Hi there, YM! I joined this board many years ago and have appreciated it's advice and expertise. Today's question: Do you have any personal experience with SEP IRAs you can expound upon? TIA.
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movingforward
Junior Associate
Joined: Sept 15, 2011 12:48:31 GMT -5
Posts: 8,358
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Post by movingforward on Apr 23, 2021 18:09:37 GMT -5
I have a SEP IRA through my company. My organization automatically puts 7% of my salary into a SEP that I set up. We are a small company so it works well for us. The downside is that I am limited to the $6K per year max for my personal contribution, which includes both my traditional IRA and the SEP IRA. I wish I could contribute $6K to each but that's not how it works...it's not all bad though because it forces me to filter a lot into a post tax account. I was kind of mad that I don't have a 401K at first but now I kind of really like having all that money in post tax account as opposed to locked up in a 401K
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giramomma
Distinguished Associate
Joined: Feb 3, 2011 11:25:27 GMT -5
Posts: 21,299
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Post by giramomma on Apr 24, 2021 7:45:23 GMT -5
I opened up a SEP IRA for my SE money to save on taxes. I did it through our guy that helps us with our taxable account. Which, I know was a no-no but, it was easy that way.
Since we now have minimal tax obligation, I don't worry about it so much. Plus, my SE income has gone down a fair amount with covid, having #4, etc.
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