{"id":4821,"date":"2023-12-12T08:24:26","date_gmt":"2023-12-12T13:24:26","guid":{"rendered":"https:\/\/scarletoakfs.webarc.dev\/?p=4821"},"modified":"2023-12-08T16:00:41","modified_gmt":"2023-12-08T21:00:41","slug":"understanding-simple-iras","status":"publish","type":"post","link":"https:\/\/scarletoakfs.com\/understanding-simple-iras\/","title":{"rendered":"Understanding SIMPLE IRAs [2024]"},"content":{"rendered":"[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]A SIMPLE (Savings Incentive Match Plan for Employees) IRA is a retirement plan for small businesses that might not have the resources for a more extensive plan like 401(k) but still want to offer retirement benefits to their employees. It is for businesses that have 100 or fewer employees.<a href=\"#_edn1\" name=\"_ednref1\">[1]<\/a><\/p>\n<h3>Key aspects of SIMPLE IRAs:<\/h3>\n<ul>\n<li>They are a <strong>pre-tax investment account<\/strong>, meaning the money you place in this account is deducted from your check before taxes are collected.<a href=\"#_edn2\" name=\"_ednref2\">[2]<\/a><\/li>\n<li>With all investment accounts, <strong>you expose some or all your invested money to loss for the chance to earn a higher profit.<\/strong> Investment gains hinge on an ongoing and long-term investment strategy that uses your risk tolerance and diversification to mitigate some risks. Even with these in place, you are exposing your money to loss.<a href=\"#_edn3\" name=\"_ednref3\">[3]<\/a><\/li>\n<\/ul>\n[\/vc_column_text]<div class=\"iwithtext\"><div class=\"iwt-icon\"> <i class=\"icon-default-style fa fa-clock-o extra-color-1\"><\/i> <\/div><div class=\"iwt-text\"> <strong>Updated For 2024:<\/strong> Yearly <strong>contribution limits<\/strong> are $16,000 for people younger than 50 and an extra $7,500 catch-up amount for those 50 and older for 2024. Contributions are made from January to December of that year.<a href=\"#_edn4\" name=\"_ednref4\">[4]<\/a><\/p>\n<p><a href=\"#_edn13\" name=\"_ednref13\"><\/a> <\/div><div class=\"clear\"><\/div><\/div>[vc_column_text]\n<ul>\n<li><a href=\"#_edn4\" name=\"_ednref4\"><\/a>Employers must allow employees who have received at least $5,000 in compensation in the last two years or those who expect to receive at least $5,000 during the current calendar year <strong>to participate,<\/strong> excluding employees covered by a union agreement and non-US citizens.1<\/li>\n<li><strong>Employers must match contributions<\/strong>. These plans can either have a mandatory match or non-elective contribution- mandatory is 3%, or non-elective is 2%. A mandatory match means the employer must match up to 3% of the employee&#8217;s contribution. If the employee contributes 1% of their salary, then the employer contributes 1%; if the employee contributes 2%, then the employer puts in 2%, and so on to 3%. A non-elective contribution means that the employer will contribute 2% of the employee&#8217;s salary, regardless of whether the employee contributes to their account. But the employer never has to match beyond that 3%, which can be less than most 401(k) plans. <a href=\"#_edn5\" name=\"_ednref5\">[5]<\/a><\/li>\n<\/ul>\n[\/vc_column_text]<div class=\"iwithtext\"><div class=\"iwt-icon\"> <i class=\"icon-default-style fa fa-clock-o extra-color-1\"><\/i> <\/div><div class=\"iwt-text\"> <a href=\"#_edn5\" name=\"_ednref5\"><\/a><strong>Updated For 2024:<\/strong> The &#8220;Non-elective&#8221; contribution formula mandates that eligible employees receive an employer contribution to their SIMPLE IRA, even if they don&#8217;t contribute themselves. The contribution must equal 2% of their compensation, up to the annual limit of $345,000 for 2024.<a href=\"#_edn6\" name=\"_ednref6\">[6]<\/a><\/p>\n<p><a href=\"#_edn13\" name=\"_ednref13\"><\/a> <\/div><div class=\"clear\"><\/div><\/div>[vc_column_text]\n<ul>\n<li><a href=\"#_edn6\" name=\"_ednref6\"><\/a>You are <strong>100% vested<\/strong> whenever the employer deposits contributions into your account. Unlike 401(k) plans, vesting happens when the funds hit your account, not on a vesting schedule based on years of employment.<a href=\"#_edn7\" name=\"_ednref7\">[7]<\/a><\/li>\n<\/ul>\n[\/vc_column_text]<div class=\"iwithtext\"><div class=\"iwt-icon\"> <i class=\"icon-default-style fa fa-bullhorn accent-color\"><\/i> <\/div><div class=\"iwt-text\"> <a href=\"#_edn7\" name=\"_ednref7\"><\/a><strong>Unique to SIMPLE IRAs: <\/strong>An <strong>employer that needs to reduce the mandatory match<\/strong> to a lower percentage can, but it must be at least 1% and for no more than 2 out of 5 years. They must notify the participants of the plan within the election period, which is generally the 60 days immediately before January 1.4,<a href=\"#_edn8\" name=\"_ednref8\">[8]<\/a><\/p>\n<p><a href=\"#_edn13\" name=\"_ednref13\"><\/a> <\/div><div class=\"clear\"><\/div><\/div>[vc_column_text]\n<ul>\n<li><a href=\"#_edn8\" name=\"_ednref8\"><\/a><strong>Investment options<\/strong> include individual stocks, mutual funds, ETFs, or CDs.6<\/li>\n<li><strong>Investment control<\/strong> can be at an employer-chosen institution, or some plans allow employees to select the institution or participate in self-directed investing.<a href=\"#_edn9\" name=\"_ednref9\">[9]<\/a><\/li>\n<li>If you try to cash out or roll over a SIMPLE IRA <strong>less than two years<\/strong> after it was opened instead of the standard 10% penalty of a 401(k) account, 403(b) account, Traditional IRA, or Roth IRA, you will be subject to a <strong>25% penalty in addition<\/strong> to ordinary income tax.<a href=\"#_edn10\" name=\"_ednref10\">[10]<\/a><\/li>\n<li>You can take the money with you. After the account has been opened for two years, you can roll it over to another pre-tax IRA account or traditional 401(k), 403(b), or 457(b) plans. If you cash the account out at this point, you will pay a 10% penalty on top of the 10% taxes you will owe.1<\/li>\n<li>The earliest you can take <strong>penalty-free withdrawals<\/strong> is 59 \u00bd. However, there are some exemptions to the early withdrawal penalty- if you are permanently and totally disabled, if you have medical expenses that exceed 10% of your modified adjusted gross income, the cost for your medical insurance, while you&#8217;re unemployed, your qualified higher education expenses, the amount to buy, build or rebuild a first home (up to $10,000), your withdrawal is in the form of an annuity, your withdrawal is a qualified reservist distribution, you&#8217;re the beneficiary of a deceased SIMPLE IRA owner or the withdrawal is the result of an IRS levy.<a href=\"#_edn11\" name=\"_ednref11\">[11]<\/a><\/li>\n<\/ul>\n[\/vc_column_text]<div class=\"iwithtext\"><div class=\"iwt-icon\"> <i class=\"icon-default-style fa fa-road extra-color-2\"><\/i> <\/div><div class=\"iwt-text\"> <a href=\"#_edn11\" name=\"_ednref11\"><\/a><strong>Secure Act 2.0 Change: Required Minimum Distributions (RDMs)<\/strong> need to start at 70 1\/2 if you were born before 7\/1\/49; 72 if you were born on or after 7\/1\/49 or in 1950; 73 if born between 1951 and 1958; 75 if born in 1960 or later. If you were born in 1959, federal guidance is needed to determine if your Required Beginning Date is age 73 or 75.<a href=\"#_edn12\" name=\"_ednref12\">[12]<\/a>,<a href=\"#_edn13\" name=\"_ednref13\">[13]<\/a> <\/div><div class=\"clear\"><\/div><\/div>[vc_column_text]<a href=\"#_edn13\" name=\"_ednref13\"><\/a>f you want to explore additional retirement investment accounts that could work for your goals, Scarlet Oak Financial Services can be reached at\u00a0<a href=\"tel:8008711219\"><strong>800.871.1219<\/strong><\/a>, or\u00a0you can <a href=\"https:\/\/scarletoakfs.com\/contact-us\/\"><strong>contact us here<\/strong><\/a>.\u00a0 To sign up for our weekly newsletter with the latest economic news,\u00a0<a href=\"https:\/\/lp.constantcontactpages.com\/su\/j1VZGFi\/ScarletOak\"><strong>click here<\/strong><\/a>.<strong>\u00a0 <\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Sources: <\/strong><\/p>\n<p><a href=\"#_ednref1\" name=\"_edn1\">[1]<\/a> <a href=\"https:\/\/www.irs.gov\/retirement-plans\/plan-sponsor\/simple-ira-plan\">https:\/\/www.irs.gov\/retirement-plans\/plan-sponsor\/simple-ira-plan<\/a><\/p>\n<p><a href=\"#_ednref2\" name=\"_edn2\">[2]<\/a> <a href=\"https:\/\/www.nerdwallet.com\/article\/investing\/simple-ira-contribution-limits\">https:\/\/www.nerdwallet.com\/article\/investing\/simple-ira-contribution-limits<\/a><\/p>\n<p><a href=\"#_ednref3\" name=\"_edn3\">[3]<\/a>\u00a0 <a href=\"https:\/\/www.investor.gov\/sites\/investorgov\/files\/2019-02\/Saving-and-Investing.pdf\">https:\/\/www.investor.gov\/sites\/investorgov\/files\/2019-02\/Saving-and-Investing.pdf<\/a><\/p>\n<p><a href=\"#_ednref4\" name=\"_edn4\">[4]<\/a> <a href=\"https:\/\/www.irs.gov\/newsroom\/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000\">https:\/\/www.irs.gov\/newsroom\/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000<\/a><\/p>\n<p><a href=\"#_ednref5\" name=\"_edn5\">[5]<\/a> <a href=\"https:\/\/www.irs.gov\/retirement-plans\/plan-participant-employee\/retirement-topics-simple-ira-contribution-limits\">https:\/\/www.irs.gov\/retirement-plans\/plan-participant-employee\/retirement-topics-simple-ira-contribution-limits<\/a><\/p>\n<p><a href=\"#_ednref6\" name=\"_edn6\">[6]<\/a> <a href=\"https:\/\/www.irs.gov\/retirement-plans\/plan-sponsor\/simple-ira-plan\">https:\/\/www.irs.gov\/retirement-plans\/plan-sponsor\/simple-ira-plan<\/a><\/p>\n<p><a href=\"#_ednref7\" name=\"_edn7\">[7]<\/a> <a href=\"https:\/\/www.goodfinancialcents.com\/simple-ira-rules-limits\/\">https:\/\/www.goodfinancialcents.com\/simple-ira-rules-limits\/<\/a><\/p>\n<p><a href=\"#_ednref8\" name=\"_edn8\">[8]<\/a> <a href=\"https:\/\/www.irs.gov\/retirement-plans\/plan-participant-employee\/retirement-topics-notices\">https:\/\/www.irs.gov\/retirement-plans\/plan-participant-employee\/retirement-topics-notices<\/a><\/p>\n<p><a href=\"#_ednref9\" name=\"_edn9\">[9]<\/a> <a href=\"https:\/\/www.ramseysolutions.com\/retirement\/what-is-a-simple-ira\">https:\/\/www.ramseysolutions.com\/retirement\/what-is-a-simple-ira<\/a><\/p>\n<p><a href=\"#_ednref10\" name=\"_edn10\">[10]<\/a> <a href=\"https:\/\/www.fidelity.com\/retirement-ira\/small-business\/simple-ira\/overview\">https:\/\/www.fidelity.com\/retirement-ira\/small-business\/simple-ira\/overview<\/a><\/p>\n<p><a href=\"#_ednref11\" name=\"_edn11\">[11]<\/a> <a href=\"https:\/\/www.irs.gov\/retirement-plans\/plan-participant-employee\/retirement-topics-tax-on-early-distributions\">https:\/\/www.irs.gov\/retirement-plans\/plan-participant-employee\/retirement-topics-tax-on-early-distributions<\/a><\/p>\n<p><a href=\"#_ednref12\" name=\"_edn12\"><\/a>[12]\u00a0 <a href=\"https:\/\/www.irs.gov\/retirement-plans\/plan-participant-employee\/retirement-topics-required-minimum-distributions-rmd\">https:\/\/www.irs.gov\/retirement-plans\/plan-participant-employee\/retirement-topics-required-minimum-distributions-rmd<\/a><\/p>\n<p><a href=\"#_ednref13\" name=\"_edn13\"><\/a>[13] <a href=\"https:\/\/www.tiaa.org\/public\/support\/faqs\/required-minimum-distributions\">https:\/\/www.tiaa.org\/public\/support\/faqs\/required-minimum-distributions<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><em>To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on individual circumstances.<\/em>[\/vc_column_text][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"<p>[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243;&#8230;<\/p>\n","protected":false},"author":2,"featured_media":9299,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[859,860,580,594],"tags":[712,473,471,474,487,475,488,477],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.5 (Yoast SEO v22.5) - 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