SEP IRA

What is an IRA?

A special savings account, authorized by the government, which allows you to save for retirement.

What is a SEP IRA?

A Simplified Employee Pension IRA allows employers to contribute to an eligible employee’s Traditional IRA. There are numerous benefits to both the employer and the employee with a SEP IRA.

Who is eligible to contribute to a SEP IRA?

All types of employers can use a SEP IRA to contribute to an employee. These contributions are tax deductible for the employer.

How much can I contribute to a SEP IRA?

  • Taxpayers may contribute 25% up to $54,000 (whichever is less) in 2017.
  • 2017 participants may make contributions of $5,500 or $6,500 for any individuals over 50.

How can I get more information?

We realize that sometimes you need more information to make your retirement decisions. If you’d like to talk with a Dedham Savings retirement expert, visit one of our branches or call our retirement planning department at 781-320-1458 and we’ll be happy to share everything we know.