Learn about the 3 Best SEP-IRA investment providers for the self employed
Learn about the 3 Best SEP IRA investment providers for the Self Employed:
A SEP IRA is a retirement account designed specifically for freelancers, soloprenuers and anyone who is self-employed. There are three reasons they are great:
- You can contribute 20% of your net income up to $61,000 for tax year 2022. That's 10x the amount you can set aside into a traditional IRA account.
- Your contributions are the biggest tax deduction available to the self-employed. You can calculate your SEP-IRA contribution limits and tax savings.
- You can open and contribute to a SEP-IRA until tax filing deadline the following year.
Ruby Money has done the research for you on the best SEP IRA Offerings of 2022. Here's what you need to know:
Best User Experience
Guideline is a retirement platform built specifically for independents professionals and small businesses, and you can tell they're speaking to us in their clean and easy their sign-up process. Guideline launched in 2016. Since its launch, Guideline has grown to support more than 25,000 small business clients, managing more than $5 billion in assets.They get raving customer satisfaction scores, and we know customers have high standards when you're handling their retirement. Guideline's SEP-IRA accounts are $8/month.
What makes Guideline's SEP-IRA stand out:
- A clean and easy online sign up process - no paperwork, no fuss
- Guideline can grow with you as your business grows. If and when you bring on employees, they also have a small-business 401k product that is perfect for you.
Best for Lowest Fees
Fidelity is a well-known brokerage with a no-fee SEP-IRA option. Fidelity is an old school name, established in 1946, and has a wide variety of investment products and access to a wide variety of mutual funds, ETFs, stocks, bonds, and other assets to diversify your portfolio.
What makes Fidelity's SEP-IRA stand out:
- No opening or closing fees, and no annual fees, plus $0 commissions for online U.S. stock, ETF, and options trades
- Great options of investment products to diversify your portfolio
Best for Financial Planning Services
Vanguard is another well-known brokerage that offers SEP-IRAs for the self-employed and for small business owners with just a few employees. There are no minimums to open a Vanguard SEP-IRA, and accounts for a single self-employed person is $20.year for accounts under $10,000. Where Vanguard shines is when you have built up a nice nest egg - at $50,000 in assets, you have access to their Vanguard Personal Advisor Services for financial planning. Unlike robo-advisors, you'll get access to real people who can discuss your particular goals and create a plan.
What makes Vanguard stand out:
- Customized personal financial planning for accounts over $50,000
- Access to low expense ratio, Vanguard mutual funds