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Retirement Accounts


A SIMPLE IRA plan, or Savings Incentive Match Plan for Employees, is sponsored by an employer. It is designed for smaller businesses (fewer than 100 employees) and is less expensive and less complex to manage than a 401(k) plan. Employers are required to match each employee’s contribution dollar for dollar up to 3% of that employee’s salary. Check with your employer to ensure they've established a SIMPLE IRA before you invest.

Eligibility: Employees of a company that sponsors a SIMPLE IRA plan
Investment Minimum: $2,000
Contribution Limit: $12,000 or 100% of salary per year, whichever is lower

$14,500 per year, for employees over 50 years old
Income Restrictions: None, unless the company makes non-elective contributions

(Your employer can provide additional details)
Tax Considerations: Contributions are pre-tax
Earnings grow tax deferred
Withdrawal Restrictions: For retirement purposes only

10% tax penalty may apply to withdrawals before age 59-1/2
Control of Account: Account holder