Savings Incentive Match Plan For Employees
A Simple IRA is designed for small businesses and self-employed individuals. This type of IRA investment is very similar to other IRA’s where your investments grow tax deferred, you won’t pay taxes until you are ready to take a distribution. These IRA’s have a higher contribution limit than a traditional IRA or a Roth IRA.
This type of IRA also requires the employer to make a contribution on the employees behalf either a dollar for dollar match of up to 3% of the employee’s salary or a flat 2% of the employees pay, regardless of whether or not the employee contributes.
If you are an employer or are self employed we invite you to call our insurance office to learn more about a Simple IRA and its benefits.