SIMPLE IRA Pros and Cons

by | Jul 30, 2022 | Simple IRA | 5 comments

SIMPLE IRA Pros and Cons




If you own a small business, you have options when it comes to your retirement account, such as a SIMPLE IRA.

Access your free guide to small business retirement plans:

John Bowens outlines the pros and cons of a SIMPLE IRA.

The Savings Incentive Match Plan for Employees (SIMPLE) IRA is a plan for small businesses with 100 or fewer employees who have no other qualified plans. With a SIMPLE plan, contributions are tax-deductible, and earnings within the account are tax-free until withdrawn.

SIMPLE IRA Eligibility
You can establish a SIMPLE IRA plan if you meet BOTH of the following requirements:
– You meet the employee limit
– You do not maintain another qualified plan, unless the other plan is for collective bargaining employees

Equity Trust Company is a directed custodian and does not provide tax, legal or investment advice. Any information communicated by Equity Trust Company is for educational purposes only, and should not be construed as tax, legal or investment advice. Whenever making an investment decision, please consult with your tax attorney or financial professional….(read more)


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5 Comments

  1. Jamie Carter

    Can you create an LLC and open up a simple IRA, while still being a FT employee of a large corporation?

  2. Cliff Remsen

    Can I manage my own investments? Right now they use Morgan Stanley that charges 3% per year in maintenance fees!

  3. Whit Kauffman

    I see Roth under the “Cons” section. Why is that?

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