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Employees are not required to make regular IRA contributions to their SIMPLE IRA account. A SIMPLE IRA requires a certain minimum contribution from the employer. The employer may either: Match the contributions of each employees dollar-for-dollar up to 3% of the employee's compensation (or a smaller percentage in certain cases); or
A SIMPLE IRA makes a great option for a small business to set up a retirement plan for its employees, with less hassle and expense than a typical 401(k) plan, and employees can benefit from the ...
Contribution limits: The contribution limits for 2023 go as follows: the Simple IRA permits up to $15,500 (plus an additional $3,500 for those aged 50 or older), while the Roth IRA allows up to ...
In previous articles, I've discussed the SEP IRA and solo 401(k) business retirement. As a self-employed individual, you probably know you can open and fund a small-business owner retirement plan ...
The only remaining unprotected areas are the SIMPLE IRA and the SEP IRA. The SEP IRA is functionally similar to a self-settle trust, and a sound policy reason would exist to not shield SEP IRAs, but many financial planners argue that a rollover (or direct transfer) from a SEP IRA to a rollover IRA would give those funds protected status, too.
Employers must contribute to the SIMPLE IRA plan. Contributions from an employee can only come from their salary, limited to an annual total of $14,000 in 2022 and $15,500 in 2023. SEP IRA