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.
Who is eligible for a SIMPLE IRA?
- Self-employed individuals and/or small businesses with 100 or less employees the previous year who do not sponsor any other retirement plan.