A SEP IRA, or Simplified Employee Pension IRA, is a type of retirement account that employers or self-employed individuals can set up to save for retirement. It allows employers to make contributions on behalf of eligible employees, and self-employed individuals can contribute for themselves. SEP IRAs offer tax advantages, as contributions are typically tax-deductible, and the investment earnings grow tax-deferred until withdrawn during retirement. SEP IRAs provide a simplified and flexible retirement savings option for small businesses and self-employed individuals.
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