New York financial professional Bryon Martinsen has served as branch manager for Centaurus Financial, Inc. for more than two decades. In this capacity, he manages assets worth more than $100 million while assisting clients in achieving their financial objectives. Bryon Martinsen’s firm offers services, including estate and retirement planning.
Employers looking to provide retirement benefits without the reporting requirements of traditional plans can offer Simplified Employee Pension (SEP) IRA plans. In SEP plans, employers contribute up to 25 percent of each worker’s income to individual accounts, tax-deferred. Employees may not contribute. As of 2022, SEP IRA accounts can receive up to $61,000 annually.
The high contribution limits of the SEP IRA are one of its major benefits. As of 2021, traditional IRA accounts can only save up to $7,000 annually. The SEP IRA extends this threshold overwhelmingly. Money in SEP IRA accounts is taxed when withdrawn. If an account holder withdraws money before they are 59.5 years old, they must pay an additional 10 percent tax on the money withdrawn.
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