Retirement Planning
Plan for Your Future with PPA’s New Retirement Benefit
As a professional photographer, your focus is often on capturing moments for others. But what about your own future? PPA’s new Retirement Planning Benefit makes it easier than ever to plan, save, and invest in your financial security with flexible plan options designed just for photographers.
Quick Comparison Table
| Feature | Traditional IRA | SEP IRA | SIMPLE IRA |
|---|---|---|---|
| Who Contributes | Individual | Employer only | Employer & Employee |
| 2025 Contribution Limit | $7,000 | Up to $70,000 or 25% pay | $16,500+ catch-up |
| Catch-up Contributions | Yes ($1,000) | No | Yes ($3,500 or $5,250) |
| Employer Requirement | None | Equal % to all employees | Mandatory match or 2% |
| Best For | Individuals | Self-employed, freelancers | Small business (<100) |
| Setup Complexity | Very simple | Simple | Simple |
Key Features, Pros, & Cons
Best for: Individuals saving independently for retirement.
Key Features:
- Contribution limit: $7,000 (plus $1,000 catch-up if 50+)
- Contributions may be tax-deductible
- Tax-deferred growth; taxed upon withdrawal
- Available to anyone with earned income
Pros:
- Flexible investment options
- Tax-deductible contributions (depending on income and access to workplace plans)
- Easy to set up and manage
Cons:
- Lower contribution limits than SEP and SIMPLE IRAs
- Early withdrawals (before 59 1/2) incur a 10% penalty
- Required minimum distributions (RMDs) start at age 73
Best for: Self-employed individuals or small business owners with few or no employees.
Key Features:
- Contribution limit: Up to 25% of compensation or $70,000, whichever is less
- Employer-only contributions
- Contributions are tax deductible for the business
- Employees manage their own accounts
Pros:
- High contribution limits
- Easy and low-cost to administer
- Flexible annual contributions (can skip in low-income years)
- Tax-deferred growth
Cons:
- No employee contributions allowed
- Most contribute equally (same % of salary) for all eligible employees
- No Roth or catch-up contribution options
Best for: Small businesses with 100 of fewer employees
Key Features:
- Contribution limit: $16,000 (plus $3,500 catch-up for 50+; $5,250 for ages 60-63)
- Both employer and employee can contribute
- Employer must either:
- Match up to 3% of compensation, or
- Make a 2% non-elective contribution for all eligible employees
Pros:
- High contribution limits than Traditional IRAs
- Employer contributions are mandatory, helping employees save
- Simple to set up and maintain
- Immediate vesting of contributions
Cons:
- Lower contribution limits than SEP IRAs
- Less flexible for employers (must contribute annually)
- Early withdrawals within 2 years of participation incur a 25% penalty
Why This Benefit Matters
PPA’s trusted retirement planning partners offer:
- Personalized guidance from retirement professionals
- Flexible plan options based on your income and goals
- Tax-advantaged savings to help you grow your retirement nest egg
- Peace of mind knowing you’re taking smart steps for your future
Key Details & Exclusions
- Available only to active PPA members
- Paid service (not included in PPA membership dues)
- Terms and conditions apply; coverage, fees, and benefits vary by plan
- Eligibility and plan options subject to provider review
Choose the Plan That Meets Your Needs
This is a paid service available exclusively to PPA members. Your price depends on the plan tier you select—whether you’re just getting started or ready to invest more deeply in your future. Each plan offers varying levels of financial advising, investment options, and long-term savings tools designed to match your business stage and comfort level. You’re in control—select the tier that best fits your goals and budget!
Get Started with PPA Retirement Planning
Planning for retirement doesn’t have to be overwhelming! PPA’s retirement benefit gives you the tools, expertise, and flexibility to build a more secure future—no matter where you are in your photography career.
PPA does not receive any financial benefit from this program and has no access to member retirement accounts created through it. This program is offered solely as an optional benefit to our members, allowing them to invest their own funds directly. Our goal is to provide valuable resources and opportunities while maintaining complete independence and transparency.