A retirement plan created to benefit self-employed persons and small business owners. Contributions to a SEP IRA are typically 100% tax deductible and earnings grow tax deferred. Sole proprietorships, partnerships, LLCs, and S corporations are also eligible for this type of retirement plan.

Use SEP-IRA in a sentence

We had a sep-ira vet up for our dad, who was about ready to retire and needed something like that.

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Small business owners had a difficult time planning for retirement before the SEP-IRA helped them save 100% tax deductible funds.

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To build up a fund for his retirement in a tax-advantageous manner, Lester, who owns his own consulting firm, contributes money to a SEP-IRA each month.

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Simplified Employee Pension IRA tax deferral