Self-Employment Retirement Plan Maximum Contribution
This is a hypothetical example used for illustrative purposes only. This worksheet provides an estimate based on certain assumptions. It is not intended to provide specific investment advice. Distribution rules are similar for most retirement plans, including 401(k) plans, SIMPLE plans, and SEP IRAs. Distributions are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. With 401(k), SIMPLE plans, SEP IRAs, in most circumstances, once you reach age 73, you must begin taking required minimum distributions from a 401(k), SIMPLE plans and SEP IRAs. You may continue to contribute to IRAs past age 70½ as long as you meet the earned-income requirement.