Pros and cons to consider of a SIMPLE IRA

2021-06-09

A SIMPLE IRA is easy for small-business owners to set up and administer and offers many of the same benefits as more complex retirement accounts, but an employer contribution is required, there is no post-tax option and contribution limits are lower than for 401(k) plans, writes business columnist Max Freedman. Employers don't have to file paperwork with the IRS for SIMPLE IRAs, and the plans aren't subject to discrimination testing to ensure they benefit all employees equally, Freedman notes.

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