“What is a SIMPLE IRA?”

This is Catherine Magana with your Savvy Minute.  Today I will give you another easy way tip for you to get Savvy about your finances.

Today’s tip will cover “What is a SIMPLE IRA?”

A SIMPLE IRA, is a Savings Incentive Match Plan for Employees Individual Retirement Account used for small businesses with up to 100 employees.  With this type of retirement plan, eligible employees can fund their accounts through salary deferrals and employers can supplement employee accounts with annual contributions.  Typically, a SIMPLE IRA is a low-cost plan, funded mainly by employees, has employer-matched contributions of up to 3% of annual contributions and earnings grow tax deferred.

There are several factors to consider if a Simple IRA is the best way for you to save for retirement. Feel free to contact me to see if a Simple IRA is right for you.  And remember to consult with your tax advisor for your specific tax related questions.

Catherine Magaña is a CFP® or CERTIFIED FINANCIAL PLANNER™ in Carlsbad California.

If you would like to set up a free 30 minute financial assessment she can be reached at 760-692-5700, info@savvyup.com for private message or click on the following link to contact us directly https://savvyup.com/contact .

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