SIMPLE IRA Contribution Limits and Deadlines 2025 2024 Standard Contribution Limit $16,500 $16,000 Catch-Up Contribution Limit (Age 50 and Older) $20,000 $19,500 Super Catch-Up Contribution Limit (Age 60 – 63)
Conversion to a Roth IRA Up to $5,000 for qualified adoption / birth expenses Required Withdrawals The age to start Required Minimum Distributions (RMDs) begins at age 73 (Does not affect participants who turned age 72 on or before 12/31/2022.). Deadline to Set Up and Fund Must establ...
For a business with many employees, the 401(k) plan is difficult and expensive to set up, compared to SEP and SIMPLE IRA plans. For a business with no more than 100 employees, there is the SIMPLE 401(k) plan, which is easier to set up and administer. The 401(k) plan with SIMPLE...
There are pros and cons to the SIMPLE IRA vs. 401(k) decision for employers. The SIMPLE IRA is simpler; a 401(k) plan may be more flexible.