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SEP IRA

Prepare for retirement with a flexible, easy-to-manage plan

A Simplified Employee Pension Plan (SEP) IRA is a flexible retirement plan offering tax benefits to business owners and their employees as well as self-employed people.Footnotes 1, 2

SEP IRA Features

Contribute significantly more than you could with a traditional IRAFootnote 1
Make flexible contributions that are generally tax deductible by the businessFootnote 2
Take advantage of an easy-to-manage plan that requires less paperwork
Access a full range of investment choices available at Merrill
Your business may qualify for a tax credit of up to $5,000 for each of the first 3 years if this is your first SEP IRA and you have 100 or fewer employees.Footnote 2
$0
setup fee (for accounts opened online)
$0
annual administrative fees (for accounts opened online)
$0
unlimited online stock and ETF trades Footnote *Other fees may apply

Bring value to your business without the extra fees

If you open your plan online, there are no setup fees or annual administrative fees, plus you always get unlimited $0 online stock and ETF trades if you're investing with your Merrill Edge Self-Directed account.

Which IRA is right for your business?

Compare the features of IRAs available at Merrill and find out which one works best for you, your business and any employees you may have.

What's a key difference between a SEP IRA and a SIMPLE IRA?

With a SEP IRA, only business owners make contributions, both for themselves and for their employees. A SIMPLE IRA allows both the business owner and the employees to make contributions.

Get started with a SEP IRA in 3 easy steps

1

Decide how you want to invest

Manage your own investments or have Merrill investment professionals manage your portfolio for you, with the option to work with an advisor.
2

Open your account

It's easy to set up your account (any employees you have will set up their own accounts), and there are no program or administrative fees for accounts opened online.
3

Add funds

Quickly and easily fund accounts for you and your employees with Merrill E-Contribs for Small Business Retirement Accounts™, a free platform.

Explore all plans available for small business

Get more details about small business retirement plans available at Merrill and find the one that works best for your needs.
Interested in getting more details on self-employed retirement plans?

Ready to get started?

Open an account with Merrill
If you have questions, contact a specialist at 855.667.9451

Frequently Asked Questions

Footnote 
You have choices about what to do with your employer-sponsored retirement plan accounts. Depending on your financial circumstances, needs and goals, you may choose to roll over to an IRA or convert to a Roth IRA, roll over an employer-sponsored plan from your old job to your new employer, take a distribution, or leave the account where it is. Each choice may offer different investment options and services, fees and expenses, withdrawal options, required minimum distributions, tax treatment (particularly with reference to employer stock), and different types of protection from creditors and legal judgments. These are complex choices and should be considered with care. For more information visit our rollover page or call Merrill at 888.637.3343.
Footnote 
Other fees may apply. Free and $0 means there is no commission charged for these trades. $0 option trades are subject to a $0.65 per-contract fee. Sales are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal. There are costs associated with owning ETFs. To learn more about Merrill pricing, visit our Pricing page.
Footnote 1As the business owner, your contributions to your SEP IRA account and deductions for such contributions may vary based on your net earnings and self-employment tax deduction. Please consult your tax advisor.

Footnote 2 For more information, visit the IRS website popup.

Footnote 3 Withdrawals are subject to ordinary income tax. In addition, a 10% additional early withdrawal penalty may apply to withdrawals taken prior to age 59½.

MAP5037414-11302023
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Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.

Asset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets.
Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. Merrill offers a broad range of brokerage, investment advisory (including financial planning) and other services. Additional information is available in our Client Relationship Summary (PDF).

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer, registered investment adviser, Member Securities Investor Protection (SIPC) popup and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp").
Merrill Lynch Life Agency Inc. (MLLA) is a licensed insurance agency and wholly owned subsidiary of BofA Corp.

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

Investment products offered through MLPF&S and insurance and annuity products offered through MLLA:
Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value
Are Not Deposits Are Not Insured by Any Federal Government Agency Are Not a Condition to Any Banking Service or Activity


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