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As a business owner, I have been researching various retirement schemes. I came across SEP. Naturally, my first question was ‘What is SEP’. I got to know that in simple terms, it is an individual retirement account that can be established by an employer or a self-employed person. I will share more of my findings below.
Get smooth and easy loan sanctioned through NoBroker Make the best use of pension funds by investing in property with NoBroker here. Simplified employee pension plan means:SEP or Simplified Employee Pension is a method to contribute towards a business owner’s retirement savings as well as the employees'. The money contributed is deposited into an Individual Retirement Account or Annuity (IRA) for each person.
The employer/contributor gets tax deductions on the contributions made to the SEP account. The contributions are immediately vested and are generally used by small businesses.
Eligibility criteria for SEP contributor :The contributor should be a minimum age of 21
The contributor should have at least three years of employment.
The contributor should have a minimum compensation of 53,487.00 Indian rupees Rupee or 650 dollars.
In banking, SEP stands for Systematic Equity Plan. It allows customers to invest a pre-specified sum or purchase a pre-specified quantity of shares. It is an advantageous deal for those who wish to compound their finances and automate equity investment. You will just need to select the stock, frequency and duration of the SEP. The bank will take care of the rest.
This is all from my end on what is SEP. I hope you liked my explanation.
Read more:
Can I withdraw my pension fund?
Can I withdraw pension contribution before retirement?
How to withdraw pension contribution?
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What is SEP?
Shaan
22 Views
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2 Year
2022-10-31T23:09:07+00:00 2025-01-13T17:38:18+00:00Comment
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