San Mateo Credit Union (SMCU) is providing this link to an external website because it may contain related information of interest to you or the website is one of our partners. You are leaving the SMCU to a website that is not operated by the credit union and is not responsible for the content. SMCU does not represent either the third party (external website) or the member if the two enter into a transaction. The privacy and security policies may differ from those practiced by SMCU. Click “Continue” to go to the website or cancel to remain on the SMCU website.
Phone Scam Alert: We have reason to believe our members are receiving calls with our Caller ID. Caller ID can be easily spoofed. If you receive a phone call claiming to be from SMCU asking you to verify account information, do not reply or provide any information. SMCU will never call or text to ask you to verify information about your card such as your PIN or a code. To verify, call us directly. Learn more on how you can protect yourself from scams.
A Simplified Employee Pension (SEP) from SMCU is a great way for self-employed people or small business owners to save for life after work - and to help employees do the same. Contributions are made to an Individual Retirement Account, or IRA, which is why these accounts are labeled SEP IRAs.
As with any retirement account, your best bet is to learn more from a trusted professional at San Mateo Credit Union, a tax professional, or an attorney. But, in general, many sole proprietors and freelancers find SEP IRAs very helpful. You can put away up to 25 percent of your net income, up to a yearly limit set by the IRS (for 2023, the limit is $66,000). So true to their name, these accounts do simplify the savings process.
Please give us a call at (650) 363-1725 or stop by a branch to talk through your options for retirement savings.
* SMCU does not provide tax advice. Please consult with your tax or legal advisor to determine how this information may impact your own situation. The information on this site should not be relied upon as investment advice or solicitation. Statements of fact are considered reliable but no representation or warranty is made as to their completeness or accuracy.
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