On 3/28/2016 12:41 AM, njoracle wrote:
> This for a self-employed person (a relative). I was looking at Wells Fargo
> versus Schwab but since I know Schwab, will probably recommend them as the
> custodian.
Any self-employed individual considering a SEP should also consider an
individual 401(k) plan ("solo-k"). They require a tiny bit more
paperwork but the contributions you can make are higher than a SEP's
until you get to higher income levels. You can open them at many of the
same places you'd consider for a SEP-IRA, though there are fewer
low-cost options and some of them limit your investment alternatives.
The usual suspects (Vanguard, Fidelity, Schwab, etc.) all offer them.
As others replied, the typical SEP-IRA uses the IRS prototype SEP as
"the plan" and you just need to sign a one-page form to set that up. So
comparing SEPs for an individual typically means comparing the places
where you can open up the IRA account itself, for receiving contributions.
-Tad