Whether you’re a small-business owner trying to give your employees a chance to save for their retirement future or part of a company that offers a SIMPLE IRA, it helps to have an investment professional walk you through the ins and outs of SIMPLE IRAs. Our SmartVestor Pros are qualified...
Since 1974, when the IRA was introduced, other models have been added to the lineup to suit all types of savers. For example, SEP IRAs are designed for small-business owners and sole proprietors. The spousal IRA is for nonworking spouses (or ones that earn a low income). But the most...
An IRA is an investment account that provides tax breaks for retirement savings. Investing money in an IRA is one of the best ways to prepare for your later years because anyone with earned income can open one -- even those without access to an employer-sponsored retirement plan. However, b...
The acronym "IRA" is used to refer to two distinct but overlapping concepts. For the Internal Revenue Service, the term stands for "individual retirement arrangement," a selection of plans available that provide tax advantages to people saving for retirement.21 In common usage, IRA also stands ...
The advantages of a SEP-IRA for the self-employed A few important rules apply to a person or small business owner setting up a SEP-IRA. The biggest is that employers must contribute the same amount to each employee's account. So, if the business owner has 15 employees, each one must ...
With a SEP IRA, only business owners make contributions, both for themselves and for their employees. A SIMPLE IRA allows both the business owner and the employees to make contributions. Learn more about all small business solutions available at Merrill ...
For example, a single account owner’s contribution is fully deductible in 2024 if their income–specifically, theirmodified adjusted gross income (MAGI)--is $77,000 or less. The portion that’s deductible declines the higher their MAGi is between $77,000 and $87,000. No deduction is permi...
It’s important to plan for your retirement, and creating an Individual Retirement Account (IRA) can be one of the best ways to do so. This financial planning tool is beneficial both to individuals and small business owners. It can also be an important part of a complete asset protection ...
SIMPLE IRAs are also designed for small businesses and self-employed people. For withdrawals, this type of IRA adheres to the same tax regulations as a traditional IRA. In 2022, the SIMPLE IRA employee contribution limit is $14,000, with a $3,000 catch-up limit (for workers aged 50 and...
Inherited IRAsare IRA accounts that are opened when the original owner dies. The rules for handling an inherited IRA are different depending on who is inheriting the IRA, for example, if that person is a spouse or not. Additional contributions cannot be made to an inherited IRA. ...