Today’s tip will cover “What is a SIMPLE IRA?”

A SIMPLE IRA, is a Savings Incentive Match Plan for Employees Individual retirement account used for small businesses with up to 100 employees. With this type of retirement plan, eligible employees can fund their accounts through salary deferrals and employers can supplement employee accounts with annual contributions. Typically, a SIMPLE IRA is a low-cost plan, funded mainly by employees, has employer-matched contributions of up to 3% of annual contributions and earnings grow tax deferred.

There are several factors to consider if a Simple IRA is the best way for you to save for retirement. Feel free to contact me to see if a Simple IRA is right for you, and remember to consult with your tax advisor for your specific tax related questions.

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The Four Rules of Money for Women
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Catherine Magaña is a CFP® or CERTIFIED FINANCIAL PLANNER™ and Managing Partner at Savvy Women Wealth Management in Carlsbad California.

We help women invest wisely and create custom financial plans for their way of living so they can enjoy a fulfilling retirement with peace of mind…
…without giving up their lifestyle.

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LEARN MORE ABOUT: IRA Accounts

CONVERTING IRA TO GOLD: Gold IRA Account

CONVERTING IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA