You can put all your net earnings from self-employment in the plan: up to $15,500 in 2023, plus an additional $3,500 if you're 50 or older, plus either a 2% fixed contribution or a 3% matching contribution

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SIMPLE IRA plans can provide a significant source of income at retirement by allowing employers and employees to set aside money in retirement accounts. SIMPLE IRA plans do not have the start-up and operating costs of a conventional retirement plan.

Available to any small business  with 100 or fewer employees
Easy and inexpensive to set up and operate
Employer cannot have any other retirement plan
No filing requirement for the employer
Employer must contribute and employee may contribute; however, contributions are inflexible and contribution limits are lower than some other retirement plans.

Employer is required to contribute each year either a:

 

• Matching contribution up to 3% of compensation (not limited by the annual compensation limit), or

• 2% non-elective contribution for each eligible employee

 

Employees may elect to contribute

Employee is always 100% vested in all SIMPLE IRA money