A SIMPLE (Savings Incentive Match Plan for Employees) IRA (Individual Retirement Account) is like a traditional IRA, but SIMPLE IRAs are designed for small business owners and those who are self-employed.
As with a traditional IRA, your contributions are tax deductible, and your investments grow tax deferred until you are ready to make withdrawals when you retire. However, a SIMPLE IRA is one of the easiest retirement accounts you can open for your small business because there are very few filing documents required.
One of the main differences between a traditional IRA and a SIMPLE IRA is the annual contribution limit. Another important distinction is that with a SIMPLE IRA, employers are obligated to match their employees’ contributions.
To learn more about switching your SIMPLE IRA to a Self-Directed IRA, call now!
At Investar, our goal is to help individuals take control of their retirement. It's recommended that the average citizen have around $1.7 million to retire comfortably. A traditional savings plan may not get you where you want to be; however, you can have the retirement you’ve always wanted! Meet with one of our retirement specialists to establish your goals. We’ll help you find options that help best accomplish your retirement goals and maximize investments that are best for your individual plan and situation.
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