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SIMPLEs

A SIMPLE IRA (Savings Incentive Match PLan for Employees) gets both the employer and the employee involved in contributing to a retirement account. While employees are 100% vested from inception, there are steeper penalties for withdrawing money from the account within the first two years of participating.

  • SIMPLE IRAs are relatively easy to set up and run
  • Contributions are tax-deductible for employers
  • Employee contributions are pre-tax
  • Earnings grow tax deferred
  • Employers can choose a matching feature or a percentage of wages
  • Matching employer contributions belong to the employee immediately and can go with them if they leave
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