Required match
Employers must contribute up to a 3% match or 2% non-elective contributions.
Simple setup
Easily set up and manage accounts.
Pretax contributions
Make tax-deferred contributions through payroll deductions.
Employer flexibility
Customize employer contributions.
Simple IRA Eligibility
Keep retirement plans simple
A SIMPLE IRA is best for businesses with less than 100 employees or self-employed individuals.
SIMPLE IRA contributions
Employee contribution limits
Employees can contribute up to 100% of their compensation annually up to $17,000.
Encourage saving for retirement
Give employees an incentive to plan for their futures while you earn a tax deduction or credit.
SIMPLE IRA withdrawals
Built for long-term saving
Withdrawals made within the first 2 years of plan participation may lead to a 25% penalty fee.
Withdraw without penalty
If you're 59 1/2, all withdrawals are permitted penalty-free but will be subject to income taxes.
Penalty for early disbursements
If you make a withdrawal before the age of 59 1/2, there's a 10% penalty fee in addition to income taxes.
Not sure where to start? We're here to help.
Insights
A few retirement insights for your life
Planning
Retirement options for small businesses to offer
What small business owners need to know about retirement plan options.
Having a retirement plan is a benefit that can attract more great employees to your business.
Business Planning
The strategic value of retirement plan benchmarking
Explore key strategies for retirement plan benchmarking to control costs, maintain compliance and boost employee participation.
If you're not benchmarking, you're likely leaving value on the table.
Retirement
Comparing retirement plans for the self-employed
Explore the pros and cons of the five most common retirement plans for the self-employed.
The right option for you will largely depend on your current earnings, how much you want to contribute and whether you have any employees—along with a few other factors.
