SEP IRA

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When a SIMPLE IRA is right for you � Part Four

© Copyright 2006 by Frank Mitchell

* Each employee must complete a SIMPLE IRA Adoption Agreement, found in the SIMPLE IRA handbook.

* The deadline for Salary Deferral contributions is no later than 30 days after the month of deferral.

* The maximum allowed Contribution is up to $10,000 annually, or 100% of your income as stated in your tax return.

That ��s it! If you can download forms, hand them to the correct people, and make your choices based on these plan guidelines, then you can do everything you need to set up your SIMPLE IRA immediately.

In conclusion, if you are looking for a retirement plan for your small business, then I strongly encourage you to learn more about the SIMPLE IRA plan. Even if you need something that this plan doesn’t have, it is still a very good idea to learn about the SIMPLE IRA and use this as a benchmark to judge the worth of other plans by.

You can easily learn everything you need to know about it for free on our resource website. There are also many other great resources online like Yahoo Finance, the Motley Fool, and Forbes, to name a few.

If you own a small business of any type, you owe it to yourself and your future to take this opportunity to learn about this incredibly flexible retirement plan.

Frank Mitchell is a retired FA who spends his time helping non-profit organizations set up their retirement plans.