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Your 2024 tax information

Your 2024 tax information

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Routing # 321076470

Simplified Employee Pension (SEP) IRA

Get tax-deferred savings as a small business owner1


What is a SEP IRA?

A Simplified Employee Pension (SEP) plan is a business retirement plan that uses Individual Retirement Accounts (IRAs) as the investment vehicle. An employer contributes money into its employees’ Traditional IRAs, the employer gets a tax deduction, and the contribution is not income to the employee until distributed from the IRA.
 
For Patelco, we offer SEP IRA for sole proprietors, so the employer and employee is the same individual.

SEP Benefits

Easy to manage

Minimum amount of record keeping required

Tax benefits

Self-employed individuals can fully deduct contributions

Higher contribution limits

Lesser of 25% of an eligible employee’s compensation or $70,000

No age limit

SEP contributions can be made on behalf of individuals

Later contribution date

May contribute to a SEP up to tax-filing due date, plus extensions

Flexibility

SEP Contributions are reported on the year of receipt regardless of the tax year to which the contributions were made

IRA Calculator

Am I saving enough for my retirement?

Retirement planning is an essential step in a person's overall financial picture. Evaluate your level of preparedness and start making plans to better your situation with this calculator. Reevaluate your preparedness on an ongoing basis. Changes in the economic climate, inflation, achievable returns and your personal situation will affect your plan.

Income/Savings

Assumptions

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Social Security

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This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.

Calculations provided are for demonstration purposes only and do not guarantee credit approval for the rate and terms displayed.

Frequently Asked Questions

We’ll help you plan for retirement

Investment products can also be held in an IRA. We want to help you invest your money wisely. Schedule a complimentary meeting with any of our experienced CUSO Financial Services, L.P. (“CFS”) financial advisors.2 We’ll talk with you about your goals and interests, find out where you are financially, and get you started on a path that works for you

1 Consult tax advisor about IRA tax advantages.

2 Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Patelco Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.

Financial Advisors are registered to conduct securities business and licensed to conduct insurance business in limited states. Response to, or contact with, residents of other states will be made only upon compliance with applicable licensing and registration requirements. The information in this website is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase brokerage services to persons outside of the United States.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, Certified Financial Planner™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

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