A SIMPLE IRA is a Savings Incentive Match Plan for Employee IRA, which is a tax-deferred retirement plan allowing for investment. Justin explains the pros and cons of a SIMPLE IRA, and why a Business Owner might choose one over another employee retirement strategy.

Remember, this information is somewhat generic. You should talk to your financial advisor for your specific situation.

For a complete transcript with additional resources, visit:

COVERED TOPICS:
• What is a SIMPLE IRA and When Should I Use It?
• IRA vs. SIMPLE IRA
• Requirements
• Pros of a SIMPLE IRA: Easy to Establish
• Tax Credits
• Contributions
• Cons of a SIMPLE IRA: Can’t Save as Much for Retirement
• It Cannot Be Rolled Over into a Traditional IRA Easily
• No ROTH Option

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BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. Multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.

DISCLOSURES:
Investment advisory services offered by WealthSource® Partners, LLC (“WealthSource”). Nothing herein constitutes an offer or solicitation to buy or sell any security; this video is distributed for informational purposes only. Furthermore, nothing herein should be considered as investment, tax or legal advice and/or used to make any investment decisions. You should consult with a professional adviser to see how the information contained herein may apply to your individual circumstances. All investing involves risk of loss and nothing herein should be construed as a guarantee of any specific outcome or profit. Past performance is not indicative of future results. All market indices discussed are unmanaged, do not incur management fees, and cannot be invested in directly. The statements and opinions expressed are those of Justin Goodbread and do not necessarily represent the views and/or opinions of WealthSource. All statements and opinions are current only as of this video’s original publication date and are subject to change without notice. WealthSource has no obligation to provide revised statements and/or opinions in the event of changed circumstances.

Here at Financially Simple™, we want to help you make informed financial decisions for your small business with confidence. In doing so, we might recommend products and services that offer us compensation when you use them. This compensation is used to help offset the cost of creating the content we give to you for free. We will, however, never suggest products/services solely for the compensation received. As stated before, our goal is to make understanding money for you the business owner, your family, and anyone visiting this website—financially simple.

The Exit Planning Institute’s Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk taker and specialist while showing characteristics of collaboration.

Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on number of followers and engagement on social media, primary contribution to professional industry websites and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.

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