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A Savings Incentive Match Plan for Employees (SIMPLE IRA) is an IRA-based plan that gives employers an easy way to make contributions toward the retirement of their employees and themselves. This type of plan is designed for small businesses with 100 employees.
All contributions are made directly to an IRA account that has been established for each employee (SIMPLE IRA). Eventual distributions are taxed as ordinary income.
Also, with a Mountain West IRA self-directed SIMPLE IRA, you can invest your retirement funds in real estate, notes, and many other alternative investments.
You have a company with less than 100 employees.
You are looking for a plan with low start-up and administrative costs.
You want a plan that provides you and your employees with a simplified way to contribute toward retirement.
You need to reduce business taxes.
You want a plan that can help you attract and retain quality employees.
You are looking for a plan that is easy to set up and run.
You want employees to contribute through convenient payroll deductions.
You would like flexibility in how much to contribute to the employees’ plan.
You are looking for a wider range of investment choices including rental real estate, raw land, 1st trust deeds, notes, LLCs, and more.
SIMPLE IRA contribution limits are established annually by the IRS and may change from year to year.
View Current Contribution Limits HERE
A Savings Incentive Match Plan for Employees (SIMPLE IRA) is an employer-sponsored retirement plan designed for small businesses with generally 100 or fewer employees who meet applicable IRS requirements.
SIMPLE IRAs allow eligible employees to contribute toward retirement through payroll deductions. Employers are also required to make contributions, generally through a matching contribution or a 2% nonelective contribution. Employer contributions may be tax-deductible.
Traditional SIMPLE IRA distributions are generally subject to ordinary income tax. Early withdrawals may also be subject to additional taxes, including special rules during the first two years of participation.
With a Mountain West IRA self-directed SIMPLE IRA, account owners can direct their retirement funds toward eligible alternative assets, including real estate, promissory notes, and private placements, subject to applicable IRS rules.
A self-directed SIMPLE IRA may be worth considering if:
Important: SIMPLE IRA plans have specific employer eligibility, contribution, and participation requirements. Employers generally cannot maintain another retirement plan for the same year, subject to applicable exceptions. Consult a qualified tax professional to determine whether a SIMPLE IRA is appropriate for your business.