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And here we're gonna talk about retirement plans that are geared for small businesses we're gonna focus on the SEP purses the simple IRA I'm gonna go through each one of these plans and hopefully by the end you'll have a better understanding of which plane is right for your small business if this is your first time to our channel or you haven't already be sure to subscribe my name is Travis sickle certified financial planner with 600 financial advisors the SEP and simple IRA are two accounts to help you get to retirement SEP stands for simplified employee pension while simple IRA stands for savings incentive match plan for employees IRA individual retirement account both retirement accounts can hold the same investments so you can hold stocks or bonds mutual funds or ETFs they're also taxed very similarly they're taxed just like a 401k or a traditional IRA and these dollars are gonna go in pre-tax grow tax-deferred and come out as ordinary income after age 59 and a half now I'm going to talk about the contributions limits with the SEP IRA they're all employer contributions so the employer is gonna choose anywhere from 1 to 25 percent of income and that's what's going to go into everybody's SEP with the simple IRA it works a little different on the employee side you can put up the 12,500 or if you're 50 are over you can contribute an additional $3,000 this simple works a little differently where the employee can contribute up to 12,500 or if they're 50 or older they can have an additional $3,000 catch-up contribution but that contribution comes exclusively from the employee on the employer side with the simple IRA you'll either have a 2% or a three percent contribution from the employer side the 2% is going to be a non elective contribution meaning that whether or not the employee participates or contributes into the plan that employer will commit to contributing 2% of the employees income into their on the other side they can choose to do the 3% elective contribution and that's only if the employee also chooses to contribute to the plan so with the simple IRA there's a bit of incentive for the employee to also participate in order to get that contribution or that participation from the employer while the SEP is exclusively an employer funded plan and doesn't require any participation from the employee the eligibility requirements for the SEP and the SIMPLE IRA also vary slightly now anyone can be eligible to participate in these plans so if you are an employer and decide you want everyone to participate you can have them participate the maximum amount of restrictions for the SEP is they have to be working for three of the last five years and have earned at least $600 in each of those years that they worked on the simple side they've earned $5,000 each of the last two years and are.