HOW TO OPEN A SEP IRA – Opening an SEP IRA is quite straightforward and most online brokers offer them. For self-employed people and freelancers, you just need to decide the firm and start the enrollment process. If your firm has employees, there are three basic steps:

• Create a written plan for the IRA and an agreement which states your intent of offering retirement benefits to eligible employees, even if you’re the only one
• Provide employees with all the information regarding the plan, a notice about the SEP IRA being created, participation requirements, and the methods of calculating the contributions
• Open an IRA account for each of the participating employees through the trustee