If you own a small business, you have options when it comes to your retirement account, such as a SIMPLE IRA.
Access your free guide to small business retirement plans: https://try.trustetc.com/lp/small-business-plan-guide/?utm_source=youtube&utm_medium=social&utm_campaign=consideration_education&utm_term=sep_pros_cons&utm_content=description
John Bowens outlines the pros and cons of a SIMPLE IRA.
The Savings Incentive Match Plan for Employees (SIMPLE) IRA is a plan for small businesses with 100 or fewer employees who have no other qualified plans. With a SIMPLE plan, contributions are tax-deductible, and earnings within the account are tax-free until withdrawn.
SIMPLE IRA Eligibility
You can establish a SIMPLE IRA plan if you meet BOTH of the following requirements:
– You meet the employee limit
– You do not maintain another qualified plan, unless the other plan is for collective bargaining employees
Equity Trust Company is a directed custodian and does not provide tax, legal or investment advice. Any information communicated by Equity Trust Company is for educational purposes only, and should not be construed as tax, legal or investment advice. Whenever making an investment decision, please consult with your tax attorney or financial professional.