Michael Torres

CPA, Former IRS Revenue Agent

Updated: January 18, 2026

Retirement 4.4/5

SEP IRA

Simplified Employee Pension IRA for self-employed with easy setup.

Pros & Cons

Pros

Easy to set up
High contribution limits
Flexible contributions

Cons

Employer contributions only
Must contribute for employees

Key Features

Up to 25% of net income

Simple administration

Flexible timing

Tax-deductible

FAQs

SEP IRA vs Solo 401k?

Solo 401k has higher limits; SEP is simpler.

Can gig workers open SEP IRA?

Yes, self-employed income qualifies.

Is SEP IRA free to use?

SEP IRA offers various pricing options to accommodate different budgets and needs. We recommend reviewing current pricing on their website as it may change over time.

Similar Tools

Solo 401(k)

Varies by provider

Retirement plan for self-employed individuals with high contribution limits.

Guideline

$49/month base

Low-cost 401(k) provider for self-employed and small businesses with simple setup and low fees for retirement savings.

Rocket Dollar

$15/month+

Self-directed IRA and Solo 401(k) provider allowing alternative investments like real estate and crypto for retirement.

Catch

Free - 1% AUM

Benefits platform for independent workers providing retirement savings, health insurance, and tax withholding in one place.

Fact-Checked Expert Reviewed Regularly Updated

Last updated: January 18, 2026

Reviewed by GigFinance Team, Gig Economy & Finance Experts

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