SIMPLE IRA Plans
October 21st, 2005
SIMPLE IRA plans are designed to encourage self employed business owners to save for retirement. These SIMPLE IRA individual retirement account stands for “Saving Incentive Match Plans for Employees”.
Who should set up SIMPLE IRA plans?
SIMPLE IRA plans are for small businesses and companies with less than 100 employees. Self employed business owners with no employees can also establish a SIMPLE IRA plan.
Types of SIMPLE IRA Plans
There are two types of SIMPLE IRA plans. The first type of SIMPLE IRA plans is SIMPLE IRA whereas the second type of SIMPLE IRA plans is SIMPLE 401k.
SIMPLE IRA plans are more likely to be suitable business owners with on employees. There are many advantages of SIMPLE IRA plans. We discuss SIMPLE IRA plans contributions and distributions as well as Eligibility Requirements in later sections.
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