Savings Incentive Match Plan for Employees (SIMPLE) IRAs allow small business owners (with 100 or less employees) to offer tax-deferred retirement benefits to themselves and employees through payroll deductions. Self-employed individuals also find these plans attractive for retirement planning purposes. In order to contribute to these plans you may not contribute to another retirement account.

The Benefits:

  • Employees elect their own payroll deduction amounts (up to the limit) for tax-deferred contributions into their own accounts.
  • Employers must contribute to each employee’s plan. These contributions can be either up to 3 percent of each employee’s compensation — dollar for dollar — or employers can elect not to match, but to contribute 2% of compensation to all employees.
  • In these plans, employees include the self-employed, if they receive earned income.
  • The start-up and facilitation costs are minimal.

Self-directed SIMPLE IRAs allow people to save for retirement by choosing their own investments outside the Wall Street norm. Alternative assets include real estate options, LLCs and trusts, futures trading and foreign exchange…and much more!

Contact Midland today to get started self-directing your IRA.