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Want to learn more about SIMPLE IRAs? Read on:

Whether you are a small business owner or a self-employed individual, planning for retirement can be a difficult task. There are many avenues available but selecting the one that suits your situation best can take some research.

Depending on your situation and your needs, a savings incentive match plan may be the best option available. SIMPLE IRAs are retirement plans made easy and accessible for small business owners. If you are looking for a decent retirement plan, here’s what SIMPLE IRAs have to offer.

What is a SIMPLE IRA?
Savings incentive match plan for employees, or SIMPLE IRAs, are retirement plans that can be established by small business owners, or self-employed individuals. This retirement option allows any eligible employees to contribute part of their pre-taxed pay to their retirement. Any employee can contribute their entire contributions from their current income. Employers, in turn, are given a tax deduction for all plan contributions.

Any employees who contribute to the plan are immediately vested. This means any money put into the SIMPLE IRA belongs to them. If any employee left the company, all retirement contributions can go with them.

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Of course, there is certain eligibility that must be met and rules for employers to follow; however, SIMPLE IRA retirement plans are easy to set up and retain.

Who is Eligible?
Any small business with no more than 100 employees, including self-employed individuals who receive income from an employer, are potentially eligible. These employees must have earned at least $5000 in compensation in the previous years and should be expected to earn at least $5000 in the current year. Additionally, the business cannot have any alternative “employee-sponsored” plans. If your small business fits these requirements, then you can easily open a SIMPLE IRA for your company.

Read more on the 10 reason you need a SIMPLE IRA:

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