SIMPLE IRA

SIMPLE IRA

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: SIMPLE IRA

SIMPLE IRA definition:  A SIMPLE IRA is a tax-deferred retirement savings vehicle for self-employed or small (family) businesses.  SIMPLE stands for Savings Incentive Match Plan for Employees of Small Employers. Testing and compliance associated with 401k plans are not required for SIMPLE IRAs.  Contributions to a SIMPLE IRA are tax deductible. Money in the account grows tax-free until withdrawals are made.  Employer contributions are mandantory with SIMPLE IRAs and discretionary for employees.

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