If you are self-employed or an employer, a SEP is a retirement planning solution that uses IRAs as the investment vehicle for both you and your employees.
*The maximum amount of compensation or earned income used in determining contributions for any employee is subject to compensation limits set by the IRS. There can be a substantial penalty for early withdrawal. Consult with your tax advisor about your specific situation. Other restriction's may apply. Melrose Bank accepts deposits and is opening new accounts from customers residing in New England (MA, CT, NH, ME, VT, RI).
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