If you're concerned that income from Social Security and personal savings may not provide a comfortable and secure retirement for you or your employees, a NYLIM SEP may be the plan for you.
A NYLIM SEP allows you to make contributions to Individual Retirement Accounts (IRAs) established for you and your employees. In fact, larger contributions are permitted to a SEP than a traditional IRA.* All earnings in the IRA accumulate tax-deferred until withdrawn. As an added benefit, contributions to these IRAs are fully tax deductible to your company as a business expense.
* Registered representatives can assist you in gathering information to make tax-related decisions; however, you should always consult with and depend ultimately on your tax advisor to help you determine the best course of action for your specific financial situation.
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