I am starting a limited liability company (LLC). I will be the sole member. Can I open an SEP IRA? How much tax-deferred money would I be able to contribute each year?

Retirement, Retirement Savings, IRAs
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2 weeks ago
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Congrats on starting your own LLC, and kudos for saving for retirement. The great news is you can potentially put away 25% of your income into a SEP IRA. 

If you are ambitious, you can contribution $53,000 in 2016. There are no catch –up contributions allowed with SEP-IRA regardless of age. However, you may still be able to contribute to a Traditional IRA or a ROTH IRA depending on your income.

 

Consult your tax professional for more specifics and to help calculate you actual maximum contribution.

 

All the best,

David Rae, CFP, AIF

3 weeks ago
October 2005
last month
June 2016