SIMPLE stands for Savings Incentive Match Plan for Employees.It's a payroll deduction plan that permits an employee to make pretax salary deferral contributions in addition to the employer's contribution.You must make employer contributions on behalf of your employees and employees can also contribute to their own accounts.
You work hard for yourself and your customers, and at the end of the day, you’d like to take home more of what you earn while also investing in your future.
Our retirement plans for self-employed people and small business owners can help you keep more of your business income through tax deferrals while you also build your retirement savings.
Early withdrawals are subject to taxes and possible penalties.
For more detailed information about taxes, consult a tax attorney or accountant for advice.
There are pros and cons for every type of retirement plan.
A SIMPLE IRA can only be used by a company with 100 or fewer employees, so you would have to switch plans if your business grew beyond that payroll number.
Businesses with no employees other than the owners and their spouses. Distributions are limited to the terms of the plan. Minimum distributions are required for owners 70½ or older.
If you have employees or anticipate hiring employees in the near future, this plan isn't appropriate for you. Distributions that are not qualified Roth distributions are subject to income tax in the year withdrawn and a 10% early withdrawal penalty if withdrawn prior to 59½.
per account is drafted automatically unless otherwise instructed.
Annual fee is waived for account balances of ,000 or more. Please consult your tax advisor about your particular situation. Generally, you may borrow up to one-half of your vested account balance, but no more than ,000.