Ever Set Up a SEP or SIMPLE for Your Insurance Practice?

Just wondering if anyone has ever set up their own qualified retirement plan that isn't a 401k plan.
Appreciate any insight!

SEP is really easy as its just a form that you don't even file with the IRS. Simple IRA is also simple to setup. But you need to be asking yourself what you want to accomplish and do you have employees. Don't count out 401Ks to quickly.
 
SEP limits contributions to the lesser of 25% of Income or $52k. That is the largest difference. You could use most any annuity on the market to set up a SEP yourself.

But if you take on a full time employee then you will have to contribute the same % of income for them along with yourself. So keep that in mind if your firm grows in the future.

The usual reason to go with a 401k over the SEP is when you run into problems with the 25% of income limit. The 401k/Profit Sharing Plan allows up to $52k no matter what your income is.

Also, the 401k has much greater protection from Creditors.
 
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