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PFG-Wealth The Simple IRA: A Great Option for Small Business retirement planning

As a small business owner, providing a retirement savings option for your employees is crucial for both their financial security and the success of your company. One option that is gaining popularity among small businesses is the Simple IRA offered by PFG-Wealth.

The Simple IRA, or Savings Incentive Match Plan for Employees, is a retirement savings plan that allows employees to contribute a portion of their salary to their individual retirement account (IRA) and provides an employer match. With PFG-Wealth’s Simple IRA, both you as the employer and your employees have the opportunity to save for retirement in a tax-advantaged manner.

One of the key benefits of the Simple IRA is its simplicity and flexibility. Unlike other retirement plans, the Simple IRA has low administrative costs and minimal paperwork. This makes it an ideal option for small businesses that may not have the resources to manage more complex retirement plans. Additionally, the Simple IRA allows employees to make salary deferral contributions of up to $13,500 (in 2021), with an additional catch-up contribution of $3,000 for those age 50 and older.

Another attractive feature of PFG-Wealth’s Simple IRA is the employer match. As the employer, you are required to make either a dollar-for-dollar match of employee contributions up to 3% of their compensation, or a fixed 2% non-elective contribution for all eligible employees. This employer match serves as an incentive for employees to participate in the plan and provides an added benefit to their retirement savings.

Furthermore, the contributions to the Simple IRA are tax-deductible for both the employer and the employee, and the investment earnings grow on a tax-deferred basis. This means that contributions to the Simple IRA reduce the taxable income for both the employer and the employee, providing a tax benefit for all parties involved.

In conclusion, PFG-Wealth’s Simple IRA is a great option for small businesses looking to provide a retirement savings plan for their employees. Its simplicity, flexibility, and tax advantages make it an attractive choice for both employers and employees. By offering a Simple IRA, you can demonstrate your commitment to your employees’ financial well-being and help them prepare for a secure retirement. If you are interested in setting up a Simple IRA for your small business, consider contacting PFG-Wealth to learn more about their retirement planning services.