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SEP AND Money-Purchase Pension Plan?
Old 08-30-2004, 06:17 PM   #1
Recycles dryer sheets
Join Date: Aug 2004
Posts: 85
SEP AND Money-Purchase Pension Plan?

As a sole health-care practitioner, is there a way for me to set up both a SEP-IRA and a a money-purchase pension plan?

Thanks in advance.

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Re: SEP AND Money-Purchase Pension Plan?
Old 08-30-2004, 07:34 PM   #2
Dryer sheet wannabe
Join Date: Mar 2005
Posts: 12
Re: SEP AND Money-Purchase Pension Plan?

If you are trying to save the most amount of money that you can without making things overly complex, I would recommend setting up an individual 401k plan. Most large brokerages can help you handle this. Mine is with Fidelity. You can contribute the maximum 401k contribution, $13,000 this year, $14,000 next year (more if you are at least age 50). You can then also make the same contributions that you can with the SEP (25% of earnings up to the $205,000 earnings limit). You won't need multiple plans to do it.

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