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Essay / Research Paper Abstract
This 9-page paper details a fictitious entrepreneur and the types of retirement plans he might want to choose from. For various reasons, the paper recommends SEPs and provides reasons as to why this is the best option. Bibliography lists 4 sources.
Page Count:
9 pages (~225 words per page)
File: D0_MTirasep.rtf
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Unformatted sample text from the term paper:
program that both helps him save money and reduces tax liability. Well investigate all the options Lorenzo has, and then focus on Simplified Employee Pension Plans, also known as SEPs.
Lorenzo, who is 29, sells cookies through his successful company, Cookies-A-Million LLC. After deducting the companys expenses, Lorenzo nets more than $500,000
a year in income, and he has to pay tax on it as an individual. Because Cookies-A-Million is structured as an S Corporation, Lorenzo is having to pay tax, not
at the corporate level, but at an individual level. At a cocktail party, Lorenzo overheard people talking about different investment/pension/retirement vehicles that
would allow him to invest money today in some sort of "plan" or "program." He could then withdraw this money down the line for retirement.
Lorenzo, being a smart man, decides to go talk with the financial advisor (in this case, the student), about the different types of plans available including Traditional
IRA, Simple IRA, Roth IRA, Deemed IRA and SEPs, and to help him plan for the future. While most of these plans
are good, Lorenzo decides the SEP might be his best bet. So in the following sections, well examine all the plans, with particular emphasis on the SEP and how this
could work for Lorenzo. IRAs and Explanations In its most basic form, an IRA - Individual Retirement Account - is an investing
took to prepare for retirement (Investopedia.com (a), 2005). Though commonly connected with Individual Retirement Accounts, IRAs can also be Individual Retirement Annuities (Investopedia.com (a), 2005).
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