NEW YORK, NY, June 8, 2022 — Catch, the first and only personal payroll and benefits product, today announced its new SEP IRA or Simplified Employee Pension Individual Retirement Account product. Now Catch users can take advantage of higher retirement contributions, automatically investing each time they get paid.
“The way we work has changed, yet the system of financial services and benefits are still deeply coupled with employment status. Launching the SEP IRA product is the next step towards Catch’s vision of creating a new personal safety net that is accessible, affordable, and effective,” said Kristen Anderson, CEO and co-founder of Catch. “At Catch, we are leveling the playing field by offering innovative financial services that truly serve people,” said Anderson.
SEP IRAs offer higher contribution limits than Roth or Traditional IRA plans, and in 2022, individuals can contribute up to 25 percent of their income or $61,000. Leveraging automation, planning for retirement can be seamless for independents, freelancers, and contractors — replacing the traditional employee benefits. When a customer securely connects their bank accounts, Catch detects payments and automatically sets aside a portion for retirement, making saving and investing in the future frictionless.
“At a time when U.S. saving rates are at their lowest level in nearly 15 years, it’s more important to offer tools and services like retirement that encourage and enable people to plan ahead — to secure their futures,” said Anderson. “With Catch, retirement investing is built into personal payroll. It’s done for you, giving you one less thing to worry about, while building financial stability.”
Designed for the more than 60 million Americans without employer-sponsored benefits, Catch is the first and only personal payroll and benefits product, offering health insurance and automatic income routing for retirement and taxes. With Catch, freelancers and self-employed people can track, trace, and manage multiple income sources with less hassle, more control, and greater flexibility. Catch is backed by world-class investors like Crosslink Capital, Khosla Ventures, Kindred Ventures, Nyca Partners, and Urban Innovation Fund. Learn more at Catch..