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An individual retirement account (IRA) is a way to save money for retirement that provides tax advantages. A simple IRA is a retirement account that is set up by an employer to benefit their employee during retirement. Simple IRAs are popular among smaller companies because they are easy to administer and because the contributions are often shared between the employee and the employer. Employees contribute pretax compensation into their Simple IRAs and employers match those employee contributions or contribute to the accounts even if the employee decides not to. The funds in a simple IRA are not taxed until they are withdrawn. Employees often like the simple IRA because they have some control over how much they are saving for retirement.
Employers must have less than 100 employees to participate in the simple IRA. However, self-employed individuals may also participate as long as they make at $5,000 in a given year. If you are considering setting up a simple IRA at your company, call the investment professionals at Savage & Associates.
Call 419-475-8665 or fill out our on-line request form for more information or to schedule an exploratory appointment with our experienced professionals at Savage & Associates.
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