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SEP IRA

A build-it-yourself retirement plan for hands-on people

Being your own boss can be rewarding. But it's hard work. It would be nice to know that there's light at the end of the tunnel. With a Simplified Employee Pension (SEP), you can easily set aside retirement money for yourself and any employees without creating a complex benefits plan. This way, when the time comes to stop working, you'll finally be able to relax.

  • Ideal for self-employed individuals, sole proprietors or small business owners
  • Contributions can be made anytime with a variable CD
  • Low opening balance of $50 for a SEP IRA Primary Savings
  • No monthly or annual fees
  • Contribute either 25 percent of your income or $57,000, whichever is less
  • Must make the same contributions for any employees
  • Earn guaranteed returns on your savings
  • Potential tax deductions in years you make contributions. Funds also grow tax-free until you're ready to withdraw them.
  • Withdrawal requirements are the same as Traditional IRAs
Power Financial Credit Union serves members across South Florida with 8 full-service branches and offers convenient account access from anywhere using its secure Online Banking and highly-rated Mobile App.