There are two main alternatives to a SIMPLE IRA for small-business owners: SEP-IRAs and solo 401(k)s. Here’s a quick run-through on both of these retirement plans and who they’re for. SEP-IRA Asimplified employee pension (SEP-IRA)is another retirement plan option for small-business o...
ASIMPLE IRAis a retirement savings plan that is designed for small business owners. For small business owners who have employees, the plan works like a401(k), because both the employer and the employee can contribute to the plan. A SIMPLE IRA offers tax benefits for both employers and employ...
The biggest difference between a SIMPLE IRA and a 401k is that for the latter, employer contributions are optional (unless the 401k plan has a "safe harbor" provision) while for the former, they are mandatory. Businesses having over 100 employees cannot offer SIMPLE...
Maintaining your SIMPLE IRA plan The Savings Incentive Match Plan for Employees (SIMPLE) IRA is suited for both self-employed individuals with no other employees and small business owners with 100 or fewer employees. It's a "simple" plan to operate, but you should be aware that there are so...
If you work for a small business, you have aretirement savingsoption that some people don’t: a savings incentive match plan for employees (SIMPLE IRA). A SIMPLE IRA has advantages for small employers. For one, it can be a less complex plan to offer. And potential benefits to employees ...
A Simple IRA is a suitable choice for small business owners, self-employed individuals, and employees of companies that offer this plan. It provides simplicity in setup and maintenance, along with the flexibility for both employee and employer contributions. However, the contribution limits are lower...
Business owners and the self-employed have more than one way to set up a retirement account for themselves and their employees. Two of the most popular are the SEP IRA and the SIMPLE IRA, both of which offer many of the major tax advantages of a regular IRA. These plans also offer ...
A SIMPLE IRA, or Savings Incentive Match Plan for Employees, is a type of tax-deferred retirement savings plan. SIMPLE IRAs are easy to set up, and they can be a good option for small businesses. However, they do have some drawbacks, such as the business owner cannot save as much as ...
Both SIMPLE IRA and SIMPLE 401(k) plans are options for small business owners to provide retirement benefits to themselves and their employees. The key differences are that SIMPLE 401(k)s allow for loans while SIMPLE IRAs do not, and a SIMPLE 401(k) requires employees to be 21 years or ...
ADP OFFERS SIMPLE IRA TO SMALL BUSINESS.Reports the release of SIMPLE individual retirement accounts Business Retirement Plan, a salary deferral retirement product from the Retirement Services groups of Automatic Data Processing Inc. in the United States....