fidelity sep ira vs. Traditional IRA: Which is Right for You?

Are you trying to decide between a fidelity sep ira or a traditional IRA? Both options offer potential tax benefits and the ability to save for retirement, but the right choice for you depends on your specific financial situation and retirement goals.

A fidelity sep ira can be a great option for small business owners or self-employed individuals who want to contribute more to their retirement savings than they could with a traditional IRA. SEP IRAs allow contributions of up to 25% of net income, up to a certain limit. This can provide significant tax savings and the potential for higher retirement savings.

On the other hand, a traditional IRA may be a better choice if you're looking for more flexibility and control over your investments. You can choose your own investments and make contributions up to a certain limit each year. Plus, traditional IRA contributions may be tax-deductible, depending on your income level.

Ultimately, the decision between a fidelity sep ira and a traditional IRA comes down to your personal financial situation and retirement goals. Consider working with a financial advisor to determine which option is best for you. And if you do choose a fidelity sep ira, Fidelity offers a range of resources and tools to help you manage your account and make the most of your retirement savings.

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