What is a SIMPLE IRA Plan? A SIMPLE IRA stands for Savings Incentive Match Plan for Employees. There are several benefits for employers setting up a SIMPLE for their company, which includes: lower cost, employee retention and ease of use. For the employee it offers higher contribution limits than a traditional IRA: $13,500 for 2021. If you are over age 50 its $16,500. It it easy to set up contributions to the plan and you will have access to far more investment choices than what a 401k offers in most situations. SIMPLE IRA retirement plans were designed for smaller companies with fewer than 100 employees. Unless you want to work for the rest of your life you need to start saving something toward retirement. A little will go a long way!
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