Retirement plan for small businesses (≤100 employees). Tax advantages, easy setup, employer contributions, diverse investment options.
SIMPLE IRA for small businesses, traditional IRA for individuals. Differ in eligibility, contributions, and employer involvement. Choose based on needs.
Set up SIMPLE IRA: Confirm eligibility, choose a financial institution, establish accounts, decide contributions, update payroll. Get professional guidance.
Understanding pros and cons of SIMPLE IRA is key for smart retirement choices. Explore benefits and limitations for informed business decisions.
Easy online setup, cost-effective, tax-deductible contributions, and simplified reporting, reducing paperwork and administrative burdens for businesses.
Employer matching, lower contribution limits, withdrawal penalties. No Roth option. Consider alignment with financial goals and employee benefits.
Max employee contribution $13,500. Employers match up to 3%. Non-elective option (2%). Deadlines apply. Catch-up for 50+ ($3,000).