retirement

What is an SEP?

 

What is an SEP?

The Bankrate.com financial term of the day is: "SEP."

Though it might sound like some kind of bacterial infection, "SEP" is actually a type of retirement plan. SEP is an acronym that stands for "Simplified Employee Pension." It's similar to an individual retirement account, or IRA, though it's geared toward self-employed people and their employees. And here's another difference: An IRA is established by the individual, but an SEP is set up by the employer.

An SEP can be a good step toward retirement planning for the self-employed and their workers.

For help setting yourself up for a comfortable retirement, visit the Retirement section at Bankrate.com.

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