January 15, 2024
 min read

Best SEP-IRA Accounts in 2024

Learn about the 3 Best SEP IRA investment providers for the Self Employed · 1. Guideline · 2. Fidelity · 3. Vanguard

A SEP IRA is a retirement account designed specifically for freelancers, soloprenuers and anyone who is self-employed. There are three reasons they are great: 

  1. You can contribute  20% of your net income up to $61,000 for tax year 2022. That's 10x the amount you can set aside into a traditional IRA account.
  2. Your contributions are the biggest tax deduction available to the self-employed. You can calculate your SEP-IRA contribution limits and tax savings.
  3. You can open and contribute to a SEP-IRA until tax filing deadline the following year.

Ruby Money has done the research for you on the best SEP IRA Offerings of 2022. Here's what you need to know:

1. Guideline

Best User Experience

Guideline is a retirement platform built specifically for independents professionals and small businesses, and you can tell they're speaking to us in their clean and easy their sign-up process. Guideline launched in 2016. Since its launch, Guideline has grown to support more than 25,000 small business clients, managing more than $5 billion in assets.They get raving customer satisfaction scores, and we know customers have high standards when you're handling their retirement. Guideline's SEP-IRA accounts are $8/month.

What makes Guideline's SEP-IRA stand out: 

  • A clean and easy online sign up process - no paperwork, no fuss
  • Guideline can grow with you as your business grows. If and when you bring on employees, they also have a small-business 401k product that is perfect for you.

2. Fidelity

Best for Lowest Fees

Fidelity is a well-known brokerage with a no-fee SEP-IRA option. Fidelity is an old school name, established in 1946, and has a wide variety of investment products and access to a wide variety of mutual funds, ETFs, stocks, bonds, and other assets to diversify your portfolio.

What makes Fidelity's SEP-IRA stand out:

  • No opening or closing fees, and no annual fees, plus $0 commissions for online U.S. stock, ETF, and options trades
  • Great options of investment products to diversify your portfolio

3. Vanguard

Best for Financial Planning Services

Vanguard is another well-known brokerage that offers SEP-IRAs for the self-employed and for small business owners with just a few employees. There are no minimums to open a Vanguard SEP-IRA, and accounts for a single self-employed person is $20.year for accounts under $10,000. Where Vanguard shines is when you have built up a nice nest egg - at $50,000 in assets, you have access to their Vanguard Personal Advisor Services for financial planning. Unlike robo-advisors, you'll get access to real people who can discuss your particular goals and create a plan.

What makes Vanguard stand out: 

  • Customized personal financial planning for accounts over $50,000
  • Access to low expense ratio, Vanguard mutual funds

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If you've made it this far, don't wait! Open your SEP-IRA today and start setting aside money for your future AND saving on taxes today.

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