SEP IRA and SIMPLE IRA arrangements have different eligibility, funding and administration requirements. A plan that works for an owner-only business may create different obligations when employees are eligible.
Compare funding responsibilities
Review who can contribute, how contributions are calculated, and what the employer must provide. Contribution limits and deadlines can change; use the rules for the tax year in question.
Consider the business over time
Think about staffing changes, income variability and the time available for administration. Moving between plan types requires advance review of applicable notice and transition rules.
Ask the right professionals
Our inquiry helps identify the retirement questions you want to discuss. Confirm plan selection, eligibility, funding and tax treatment with a qualified plan provider and tax professional.
Eligibility
Review who must be included.
Funding
Understand employer obligations.
Timing
Confirm current deadlines and transition rules.
Frequently Asked Questions
Can I open a SEP IRA if I have one full-time employee?
Employee eligibility and employer contribution obligations must be reviewed before adopting a SEP. A qualified provider can assess how the rules apply to your employee and owner situation.
What's the deadline to open and fund a SEP IRA?
Confirm the establishment and funding deadlines for the relevant tax year with the plan provider and a tax professional. Filing extensions and other circumstances may affect the answer.
Can I switch from a SIMPLE IRA to a 401(k) plan later?
A transition may be possible, but timing, notice and replacement-plan rules apply. Review the intended transition with the current administrator and the new provider before acting.
Discuss small business retirement options
Share your business structure, staffing and planning questions.