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Small businesses have more retirement plan options than ever.

 

Simple IRA

The SIMPLE IRA (Savings Incentive Match Plan for Employees) is designed for small businesses and the self-employed.

Offering many of the features of a big-company retirement plan like a 401(k), but made simple, easy, and affordable, the SIMPLE IRA is generally best-suited for companies with up to 25 employees that want to allow employee contributions and can commit to a modest company contribution annually. (You may establish a SIMPLE IRA if your company has no retirement plan in place and has 100 or fewer employees.)

Key advantages of SIMPLE IRAs include:

  • No charge to set up or administer your SIMPLE IRA plan with New York Life.
  • Takes little time to administer and maintain—no annual testing or IRS filing requirements and very little bookkeeping.
  • Web-based service center allows easy access and maintenance.
  • Employee contributions are made on a pretax basis and are higher than traditional IRAs.
  • Company contributions are generally tax deductible as a business expense.
  • Easy to submit payroll deductions with our payroll submission system—it simplifies everything for you.

 

SEP IRAs

A SEP IRA is a great way to set money aside in Individual Retirement Accounts. It is easy to set-up and maintain, with high contribution limits. It is designed for business owners (whether incorporated or not) and anyone who earns self-employment income—even if they are covered by another retirement plan.

Key advantages of SEP IRAs include:

  • Employer makes contributions to Individual Retirement Accounts (IRAs) established for plan sponsors and their employees.
  • Higher contributions are permitted into a SEP IRA than a traditional IRA.1
  • All earnings in the IRA accumulate tax-deferred until withdrawn.
  • Contributions to these IRAs are fully tax deductible to your company as a business expense.

1. Registered representatives can assist you in gathering information to make tax-related decisions; however, you should always consult with and depend ultimately on your tax advisor to help you determine the best course of action for your specific financial situation.


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