At Denmark State Bank we want to be your one-stop for all your financial needs, and that includes your retirement. In addition to our Traditional and Roth IRAs, we offer two options to help business owners and their employees plan for a secure and happy retirement.
A Simplified Employee Pension Plan, commonly known as a SEP IRA, is a retirement plan specifically designed for self-employed people and small-business owners. You can establish a SEP IRA if you are a sole proprietor, in a partnership, or a business owner. You can also establish a SEP IRA if you earn any self-employed income by providing a service — either full or part-time — even if you are already covered by a retirement plan at your full-time job.
A SIMPLE IRA plan (Savings Incentive Match Plan for Employees) can be set up by employers for their employees, and allows employees and employers to make contributions. It is ideally suited as a start-up retirement savings plan for small-business employers, with less than 100 employees, not currently sponsoring a retirement plan.
Please consult with your tax advisor on which IRA is the best fit for you.