Show Notes
This week we are discussing what a SIMPLE IRA is! A SIMPLE IRA, or Savings Incentive Match Plan for Employees, is a retirement plan designed for small businesses with up to 100 employees. It allows employees to contribute pre-tax dollars to their retirement accounts. Employers are required to make either a matching contribution or a non-elective contribution. We also discuss the Secure Act 2.0 and what that means for IRA account owners.
Timecodes:
00:00 Intro
1:10 SIMPLE IRA Explained
2:10 Criteria to be able to provide a SIMPLE IRA for employees
2:40 What happens when you reach the 100-person threshold?
3:30 Benefits of a SIMPLE IRA
4:15 Contribution limits
4:40 Employer match percentage
5:40 Drawbacks of a SIMPLE IRA plan
6:50 Secure Act 2.0: Roth Contributions to a SIMPLE IRA
8:50 Can you have a traditional and a SIMPLE IRA?
9:15 Process of opening a SIMPLE IRA with PTC
Learn more about SIMPLE IRAs: IRS.gov
Learn more about RITA: Retirement Industry Trust Association
Open a SIMPLE IRA with Preferred Trust Company
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Disclaimer: Preferred Trust performs duties of a custodian and as such, does not sell investments or provide investment, tax, or legal advice.
