Simple. Custom. Effective

Retirement Plans

ADVANTAGES OF A SIMPLE IRA:

  • Low cost

  • Employees contribute to their own accounts

  • Employer match is a tax-deductible business expense

  • Easy setup and administration

  • No IRS reporting requirements

  • Contributions limits higher than with personal IRAs

  • 2024 Employee Annual Deferral Limits: $16,000. ($19,500 if over age 50)

A SIMPLE IRA may not be appropriate for employers who do not want to match their employees' contributions, or for those looking for a loan option in the plan. 

Mandatory Match: Dollar for dollar up to 3% of compensation - In tougher times, the employer may reduce the match to as little as 1%, but no more than two of every five consecutive years, or may elect to match 2% of compensation for all eligible employees.