Simple IRAs for Small Businesses

Employer-sponsored retirement plans often have a maze of rules, various rules, which can sometimes seem complex for small business owners and employees. For small businesses with 100 or fewer employees, a SIMPLE IRA offers a streamlined structure with fewer administrative requirements.

SIMPLE stands for Savings Incentive Match Plan for Employees, and it offers a streamlined way for employers to make contributions for themselves and their employees. With fewer rules and simpler administration than many other retirement plans, SIMPLE IRAs have fewer regulatory requirements compared to other retirement plans, making them an option for small businesses.

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Key Benefits of SIMPLE IRAs:

1. Tax-Deferred Savings
   • Contributions to a SIMPLE IRA grow tax-deferred, allowing employees and employers to enjoy potential growth without immediate tax impact. Taxes are only paid upon withdrawal in retirement, which can maximize long-term savings.
2. Simplification
   • SIMPLE IRAs have fewer regulatory requirements compared to many qualified plans, which may simplify setup and administration for small business owners.

1. Diversification
   • SIMPLE IRAs through administrators like Mountain West IRA allow participants to diversify in a wide array of assets, including real estate, promissory notes, and precious metals, among others. This flexibility lets employers and employees tailor their accounts to suit individual goals and risk tolerance.

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Is a SIMPLE IRA Right for Your Business?

Consider a Mountain West Self-Directed SIMPLE IRA if:

• Your business has fewer than 100 employees
• You prefer a retirement plan with low startup and administration costs
• You want a streamlined way for both you and your employees to save for retirement
• Reducing business taxes is a priority
• You seek to attract and retain talent with a competitive benefits package
• Your employees would benefit from easy payroll deductions for retirement contributions
• You’re looking for flexible contribution levels that can be adjusted based on business needs
• You value the freedom to diversify beyond typical stocks and bonds

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Take the Next Step

Offering retirement benefits to your teamcan be straightforward. For more information on SIMPLE IRAs, visit the MountainWest IRA website or contact us. Be sure to consult with your financial plannerto see if a SIMPLE IRA aligns with your retirement goals.