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If you're a small business owner or a self-employed entrepreneur or freelancer, a SEP IRA is the perfect way for you to start saving for your future retirement while enjoying tax benefits today.
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SEP stands for “Simplified Employee Pension” plan. Basically, a SEP IRA is a traditional IRA for the self-employed.
SEP IRAs, like traditional IRAs, allow your earnings to grow tax-deferred. You can invest up to 25% of your compensation, up to $56,000 per year, in a SEP IRA account. You are eligible for penalty-free withdrawals from your SEP IRA once you are age 59½ or older.
After you turn age 72 (or if you turned 70½ before January 1, 2020) you must make minimum withdrawals every year.
SEP IRA accounts grow tax-deferred. Your initial contributions to your SEP IRA are tax-deductible, potentially reducing your taxable income right now. You’ll only pay taxes when you eventually take money out of your IRA.
Compare your earnings with our investment calculator.
You may contribute to an SEP IRA if you are self-employed and have earned compensation. If you'd like more details, see IRS Publication 560.
We offer a great liquid savings rate for members who want ultimate flexibility and easy access to their money.
Federally insured by the NCUA.
For members planning on a longer horizon for letting their nest egg grow, we offer outstanding certificate rates with terms from 12-60 months.
Alternative IRA investment options are also available through the Alliant Retirement and Investment Services Program.31 Contact a representative today for a no-cost, no-obligation retirement savings analysis that can help you determine which IRA is right for you.
Non-deposit investment products and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution.
No matter which type you select, you reduce your taxes and keep more of your money.
We’re always here to help. Call an Alliant member consultant at 800-328-1935. We’ll help guide you towards the right IRA for your situation12.
Ready to get started? You can open a SEP IRA account by logging in to online banking.
You would like to reduce your taxable income now, and you don’t plan on making withdrawals until retirement.
You would like more flexibility for withdrawals, want to reduce your taxable income or are planning to work past age 70.
You are self-employed or are a small business owner.
You may be able to reduce your current income taxes now. You don't pay taxes until you take money out, typically when you are in a lower tax bracket.
All earnings grow tax-free, and you don’t pay taxes when you take money out of the account, typically when you are in a lower tax bracket.
You don’t pay taxes until you take money out of the account.
Withdrawals are taxable income. Withdrawals made before age 59½ could include a 10% penalty.
Earnings are tax-free if they've been in the account for 5 years and you are at least 59½.
Contributions are non-deductible and can be withdrawn anytime with no penalty or taxation.
At age 72 (or if you turned 70½ before January 1, 2020)
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Alliant Credit Union
Attn: IRA Dept.
P.O. Box 66945
Chicago, IL 60666-0945
Alliant Credit Union
Attn: IRA Dept.
11545 W. Touhy Avenue
Chicago, IL 60666
The SEP IRA is a retirement plan designed to benefit self-employed individuals and small business owners. Sole proprietorships, S and C corporations, partnerships and LLCs qualify.
Contributions into a SEP IRA are completely at your discretion. Your contribution can vary year to year, or it can be stopped, depending on profitability or short-term financial challenges. Of course, as with any retirement savings, we recommend a regular and consistent schedule of contributions.
Retirement plans can be rolled over and consolidated into a SEP. This includes traditional IRAs, 401(k) plans, money purchase plans, profit sharing plans, defined benefit plans, 403(b) plans and Rollover IRAs. A Roth IRA, or retirement accounts with after-tax contributions, cannot be rolled over into a SEP IRA.
Yes. Effective January 1, 2015, the IRS imposed the new IRA Rollover rule which stipulates that an IRA owner may complete only one IRA-to-IRA rollover per 365 days, regardless of how many IRAs you own, without differentiating between Traditional, Roth and SEP IRAs. This change of only one rollover per year will only affect rollovers, and will not have any impact on trustee-to-trustee transfers. The once-per-365-day rule does not apply to the direct rollover of 401(k) funds to a Traditional IRA.
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