SIMPLE IRA
A SIMPLE IRA (Savings Incentive Match Plan for Employees Individual Retirement Account) is a retirement savings option tailored for small businesses and their employees. It allows employees to contribute a portion of their salary, while employers are required to make matching contributions or nonelective contributions. For 2023, employees can contribute up to $15,500, with an additional $3,500 catch-up contribution for those age 50 or older. SIMPLE IRAs are easy to set up and maintain, making them an attractive option for small businesses looking to offer retirement benefits while enhancing employee satisfaction and retention. Understanding this plan can help you maximize your retirement savings
- Retirement Savings Plans (IRA, 401(k), etc.)
Retirement Savings Plans: IRA, 401(k), and More Explained
When it comes to planning for retirement, one of the most important steps is to have a solid strategy for…
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