Closing SEP IRA

(formerly) self employed individual now moves into retirement, age 70. Are there any time requirements or other considerations to convert the SEP into an IRA Rollover or can it remain as the SEP indefinitely?



It can remain as a SEP, as a SEP is actually a TIRA with different contribution amounts. The distribution rules are the same, so after retirement the SEP IRA functions as a TIRA. If the individual already has a non SEP TIRA, the two could be combined by direct transfer to simplify the accounts held.

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