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The SIMPLE IRA is a plan for small businesses with 100 or fewer employees who have no other qualified plans. With a SIMPLE plan, contributions are tax-deductible, and earnings within the account are tax-free until withdrawn.
A SIMPLE IRA allows:
Employers are generally required to match each employee’s salary reduction contributions, on a dollar-for-dollar basis, up to 3 percent of the employee’s compensation.
You can deduct SIMPLE IRA contributions for the tax year within which the contributions were made.
You can establish a SIMPLE IRA plan if you meet BOTH of the following requirements:
You can establish a SIMPLE IRA plan only if you had 100 or fewer employees who received $5,000 or more in compensation from you for the preceding year.
Under this rule, you must take into account all employees who were employed at any time during the calendar year, regardless of whether they’re eligible to participate.
The SIMPLE IRA plan generally must be the only retirement plan to which you make contributions, or to which benefits accrue, for service in any year beginning with the year in which the SIMPLE IRA plan becomes effective.
When a SIMPLE plan is referred to as a self-directed account, it simply means you can use the account invest in areas outside of the traditional stocks and bonds. That’s the primary difference between a self-directed and traditional retirement account — where you put those investment dollars.
With a self-directed IRA or 401(k), you can invest in a variety of areas, including:
Schedule a one-on-one session with an expert alternative investment counselor. We’re here to answer any questions, help guide you through the process, and provide more detailed information and education specific to your journey.
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