SEP IRA brokerage setup

If you're self-employed, a SEP IRA (Simplified Employee Pension IRA) is an excellent retirement savings option. It allows you to contribute toward retirement as a sole proprietor, freelancer, independent contractor, or small-business owner.

The good news is that several major U.S. brokerage firms offer SEP IRAs. You generally don't need to have employees or incorporate your business to open one.

Here are the main brokerage platforms worth comparing.

Brokerage platforms that offer SEP IRAs

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1. Fidelity Investments

(Best overall starting point)

• $0 account opening minimum.
• No account fee advertised.
• Stocks, ETFs, mutual funds, bonds, and target-date funds.
• Offers self-directed and managed investing options.
• Online account setup.

Good choice if you want flexibility and a broad investment selection.

Fidelity SEP IRA – Open an account

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2. Charles Schwab

• $0 opening minimum.
• $0 account opening and maintenance fees.
• Stocks, ETFs, mutual funds, bonds, and other investments.
• Investment guidance and customer support.
• Online setup available for self-employed individuals without employees.

Good choice if you value customer service, investment guidance, and a full-service brokerage.

Schwab SEP IRA – Open an account

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3. Vanguard

• No account establishment fee.
• Strong selection of low-cost index funds and ETFs.
• Stocks, bonds, mutual funds, and CDs.
• Designed for self-employed individuals without employees.

Good choice if you prefer long-term, low-cost index fund investing. Its SEP IRA is limited to businesses without employees.

Vanguard SEP IRA – Open an account

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4. E*TRADE

• SEP IRA available for self-employed individuals and small businesses.
• Broad investment selection.
• Stocks, ETFs, mutual funds, and bonds.
• Research tools and active trading capabilities.

Good choice if you like managing your own investments and want more trading tools.

E*TRADE SEP IRA – Open an account

Sources: Brokerage providers' official SEP IRA information. Fees and eligibility should be confirmed before opening.

Other providers worth investigating include Merrill Edge and Wealthfront, particularly if you want to compare banking integration or automated portfolio management.www.finder.com+1

2026 SEP IRA contribution limits

For the 2026 tax year:

$72,000

Maximum annual contribution

Subject to the compensation-based limit.

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• Generally up to 25% of eligible compensation.
• For sole proprietors and self-employed individuals, the effective limit is generally 20% of adjusted net self-employment earnings.
• Contributions are employer contributions, not employee salary deferrals.
• You can vary or skip contributions from year to year.

Source:www.fidelity.com+1

An important benefit: You generally have until your business tax filing deadline, including extensions, to establish and fund a SEP IRA for that tax year.

My recommendation

For most self-employed people, I'd narrow the choices to these three:

I would personally start by comparing Fidelity and Schwab. Both offer $0 account opening and maintenance fees, and both support self-employed business owners.

A few questions that could help me narrow it down

There are some important differences depending on how your business is structured.

1. Business structure: Are you a sole proprietor, single-member LLC, S-Corp, or something else?
2. Employees: Do you work entirely by yourself, or do you have employees?
3. Investing preference: Would you rather select your own stocks and ETFs, invest in index funds, or have the brokerage automatically manage your portfolio?

One additional consideration: If you're self-employed and want to maximize retirement contributions, it's worth comparing a SEP IRA with a Solo 401(k). Depending on your income, age, and business structure, a Solo 401(k) may allow you to contribute more.

I can help you determine which account would give you the greatest retirement savings and tax advantages.

Several major investment platforms let self-employed people, freelancers, consultants, and sole proprietors open a SEP IRA (Simplified Employee Pension IRA) for tax-advantaged retirement savings. The best choice depends on whether you want to pick your own investments, automate investing, or manage retirement contributions for employees.

Best SEP IRA platforms to compare

These are established providers that offer SEP IRAs, based on current provider information and a 2026 comparison of the market.www.finder.com+4

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1. Fidelity Investments

(Best overall starting point)

Offers self-directed SEP IRAs with a wide range of stocks, ETFs, mutual funds, and target-date funds, plus an automated investing option through Fidelity Go. Its SEP IRA has no minimum to open.www.finder.com+4

Open a Fidelity SEP IRA

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2. Charles Schwab

(Best for flexibility and support)

Offers $0 account opening and maintenance fees, a $0 minimum opening deposit, a broad investment selection, and access to investment guidance. It supports self-employed people and small businesses with employees.www.finder.com+4

Open a Schwab SEP IRA

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3. Vanguard

(Best for long-term fund investing)

A good fit for investors who favor diversified, long-term mutual funds and ETFs. Self-employed people without employees can open a SEP IRA, and there is no account establishment fee; check current annual account service fees.www.finder.com+4

Open a Vanguard SEP IRA

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4. E*TRADE

A strong alternative for investors who want a full brokerage platform and a wide range of investment choices. It offers SEP IRAs for self-employed individuals and small-business owners.us.etrade.com+1

Open an E*TRADE SEP IRA

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5. Wealthfront

Worth considering if you prefer automated, portfolio-managed investing rather than selecting investments yourself. It is listed among the leading SEP IRA providers in 2026; review its current account eligibility, advisory fees, and investment options before opening an account.www.finder.com+4

Visit Wealthfront

Fees and features at a glance

www.fidelity.comwww.schwab.cominvestor.vanguard.comus.etrade.comwww.wealthfront.com

Tax advantages and contribution limits

For 2026, a SEP IRA allows eligible business owners to make contributions of up to $72,000, subject to the applicable compensation limits. If you're self-employed, your actual maximum is generally based on your net earnings from self-employment and the special IRS calculation for owner contributions.www.irs.gov

Key rules to understand:

• Tax deduction: Eligible employer contributions are generally tax-deductible.
• Tax-deferred growth: You generally pay income tax when you withdraw money in retirement.
• Flexible contributions: You can generally vary how much you contribute from year to year.
• Employees: If you have eligible employees, you generally must contribute the same percentage of compensation for each eligible employee as you do for yourself.
• No employee salary deferrals: A SEP IRA is funded by employer contributions, not employee salary deferrals.www.fidelity.com+2

My recommendation

For most self-employed individuals starting out, I'd compare Fidelity and Charles Schwab first because both offer broad investment choices and no minimum opening deposit. Consider Vanguard if you're focused on long-term index investing, or Wealthfront if you'd rather automate portfolio management.

One important distinction: if you want to contribute through your own self-employment income while also having a full-time job, you may still be eligible for a SEP IRA, but the contribution calculation and interaction with your workplace retirement plan deserve attention.

Are you self-employed with no employees, or do you have employees in your business? That makes a meaningful difference in which SEP IRA platform and retirement plan structure is best for you.

As a freelancer or self-employed individual, you have several good options for opening a SEP IRA (Simplified Employee Pension IRA). You don't need to have a formal corporation or employees to qualify. Sole proprietors, independent contractors, consultants, and freelancers can all establish one.

The good news is that several major brokerages offer SEP IRAs with no account-opening fees and no minimum investment.

Best brokerages offering SEP IRAs

Here are the providers I'd put on your shortlist as of November 2026.

• 

1. Fidelity

(Best overall)

• $0 account-opening fee
• $0 annual account fee
• Stocks, ETFs, mutual funds, bonds
• Optional Fidelity Go automated investing

Good choice for low-cost, flexible retirement investing.

Open a Fidelity SEP IRA

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• 

2. Charles Schwab

(Best for self-employed investors)

• $0 opening fee
• $0 account maintenance fee
• Stocks, ETFs, mutual funds, bonds
• Investment guidance and customer support

Particularly attractive if you want a full-service brokerage.

Open a Schwab SEP IRA

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• 

3. Vanguard

(Best for long-term index investing)

• No account establishment fee
• Annual account service fees may apply
• Broad selection of index funds and ETFs
• Designed for self-employed people without employees

A strong option if you primarily want diversified, low-cost index funds.

Open a Vanguard SEP IRA

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4. E*TRADE

• SEP IRA brokerage account
• Stocks, ETFs, mutual funds
• Trading and research tools
• Worth considering if you actively manage investments

Visit E*TRADE

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5. Betterment

• Automated portfolio management
• Diversified investment portfolios
• Good for hands-off investors
• Management fees apply

Visit Betterment

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6. Wealthfront

• Automated investing
• Diversified portfolios
• Management fees apply
• Good for investors who prefer minimal involvement

Visit Wealthfront

Sources: Provider information and 2026 brokerage comparisons.www.finder.com+3

Quick comparison

My initial recommendation would be to compare Fidelity, Schwab, and Vanguard first. They are established providers with strong investment selections.

How much can you contribute in 2026?

For the 2026 tax year:

Maximum SEP IRA contribution

$72,000

2026 annual maximum, subject to compensation limits.

For self-employed individuals, the effective contribution limit is generally approximately 20% of adjusted net self-employment earnings, rather than 25% of gross business profit.

A few important rules:

• You can contribute in profitable years and skip contributions in other years.
• Contributions are generally tax-deductible.
• SEP IRA contributions are employer contributions, not employee salary deferrals.
• If you have eligible employees, you generally must contribute the same percentage of compensation for them as you contribute for yourself.
• Investments grow tax-deferred.

Sources:www.irs.gov+2

One important consideration: SEP IRA vs. Solo 401(k)

Before opening an account, consider whether a SEP IRA is actually the best retirement plan for your freelance business.

A Solo 401(k) can sometimes allow you to contribute more than a SEP IRA, particularly when your freelance income is relatively modest.

My recommendation

If you're a freelancer working independently without employees:

• Fidelity: My first choice for a straightforward, low-cost SEP IRA.
• Charles Schwab: Excellent alternative if you want customer support and investment flexibility.
• Vanguard: Great if you prefer long-term index fund investing.

One question that would help me narrow this down:

Do you work entirely for yourself, or do you have employees?

That distinction matters because it affects your retirement-plan options and could make a Solo 401(k) more advantageous than a SEP IRA.