SIMPLE IRA
SIMPLE IRA is a retirement plan where SIMPLE stands for ‘Savings Investment Match Plans for Employees’ and IRA stands for ‘individual retirement account’. It is mostly used by small businesses that have 100 or less employees. The SIMPLE IRA may be employed by employers by either imposing a mandatory 2% retirement account contribution or an optional matching contribution that may go as high as 3%. For 2013, annually, employees are allowed to contribute up to $12,000. The maximum may be increased from time to time to take into consideration inflation.
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