Simplicity - These are relatively easy to set up and have minimal administrative requirements, making them suitable for small businesses with limited resources.  

Flexible contributions help the employer in that you can contribute up to a certain percentage of each eligible employee's compensation, providing you with flexibility in managing your contributions based on business profitability. 

Employees – Since only the employer makes contributions, if you have a business with employees, these employees may prefer a different plan. However, as the business owner it gives you the flexibility to reward employees without requiring their contributions. 

Contribution limits:  SEP  IRAs allow higher contribution limits than traditional or ROTH IRAs 

• During 2023, the contribution limit or 25% of eligible employee compensation up to $66,000 but this amount is subject to change each year.

• At the maximum, you can still contribute an additional amount up to the maximum IRA contribution for that given year, which often changes each year and depends on your age.  Contact us for the current age and rates [link to contact us form]; However, consider making that contribution to a ROTH IRA if you are eligible to do so.  (Consult your tax or financial advisor for what may be best for you.)