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 the pros and cons of a SIMPLE IRA, and why a Business Owner might choose one over another employee retirement strategy.

TIME INDEX:
01:10 – What is a SIMPLE IRA and When Should I Use It?
02:49 – IRA vs. SIMPLE IRA
08:21 – Requirements
11:26 – Pros of a SIMPLE IRA: Easy to Establish
12:25 – Tax Credits
13:08 – Contributions
15:38 – Cons of a SIMPLE IRA: Can’t Save as Much for Retirement
16:18 – Cannot be Rolled Over into a Traditional IRA Easily
17:29 – No ROTH Option
17:51 – Conclusion

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BIO:
Justin A. Goodbread, CFP®, CEPA®, CVGA®, owner of FinanciallySimple.com, 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 winner of the Investopedia Top 100 Advisor award and Exit Planning Institute’s Exit Planner Leader of the Year. Please visit HeritageInvestor.com to learn the criteria used in earning these credentials and awards.

DISCLAIMER:
Host Justin Goodbread owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional. The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States….(read more)

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