Simple IRA: Retirement plan for small businesses. Employees save through pre-tax deductions, with employer contributions.
SIMPLE IRA & traditional IRA differ in eligibility, contributions, and employer involvement. Choose wisely based on your situation.
Confirm eligibility, choose an institution, notify employees, set up accounts, decide contributions, update payroll, and ensure compliance.
SIMPLE IRAs offer streamlined setup, low costs, tax-deductible contributions, and simplified reporting for businesses.
Limits on contributions, penalties for early withdrawal, no Roth option. Consider these before choosing.
Allows max $13,500/yr employee pre-tax contributions. Employers match up to 3% or make non-elective 2% contributions.
Easy for employers, tax benefits for employees, instant vests. Worth considering!