How to Maximize Your Retirement Savings with a fidelity sep ira

Retirement may seem like a far-off goal, but the truth is that it's never too early or too late to start planning for your golden years. A fidelity sep ira can be an excellent tool to help you maximize your retirement savings.

SEP stands for Simplified Employee Pension, and it's a type of IRA designed for self-employed individuals and small business owners. With a fidelity sep ira, you can make tax-deductible contributions that are based on a percentage of your income. Plus, your contributions grow tax-free until you withdraw them in retirement.

One of the biggest advantages of a fidelity sep ira is its flexibility. You can contribute up to 25% of your compensation, and the maximum contribution limit is $58,000 for 2021. You can even adjust your contributions each year based on your income. This means that if your business has a good year, you can save more for retirement.

Another benefit of a fidelity sep ira is that it requires very little paperwork. You can set up the account online, and there are no annual reporting requirements or complex compliance rules to worry about.

If you're a small business owner or self-employed individual looking to maximize your retirement savings, a fidelity sep ira may be the right choice for you. With its flexible contribution limits and tax-free growth, it's a powerful tool that can help you achieve your retirement goals.

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