Simple IRA

SAVINGS INCENTIVE MATCH PLAN FOR EMPLOYEES OF SMALL EMPLOYERS

A Simple IRA is a tax-deferred, employer-provided retirement plan that allows employees to set aside money and invest it. Under a SIMPLE IRA plan, employees may choose to make salary reduction contributions and the employer makes matching contributions.

Simple IRA Contribution Limits

Year

Standard Contribution

Catch-Up Contribution
(for ages 50 or older)

2022
$14,000
$3,000
2023
$15,500
$3,500
2024 and on
Indexed with Inflation

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