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Simple IRA

Simplify your Retirement Plan with a Simple IRA

Open your Simple IRA Today

Save Smart Without the Hassle When You Choose to Self-Direct a Simple IRA

A Simple IRA (Savings Incentive Match Plan for Employees) is a type of retirement account, ideal for small businesses with less than 100 employees. This plan is similar to a Traditional 401k plan, but with slightly different rules and requirements. It allows employees to make pre-tax contributions to their retirement accounts, and employers are required to make either matching contributions or non-elective contributions on behalf of their employees. Under this plan, both the employer and employee contribute to the employee's retirement account. The employer can contribute a matching percentage of the employee's salary up to 3% or a non-elective contribution of 2% of the employee's salary to all eligible employees, regardless if they participate or not. Employees can also make contributions up to a certain limit set by the IRS.


What are the Benefits of a Simple IRA?

  • The Simple IRA is designed for small companies with fewer than 100 employees, making it the perfect retirement plan solution for the average small business. 

  • The Simple IRA does not require a complex filing process or excessive administration fees.

  • This plan typically has lower costs than other types of employer-sponsored retirement plans, which can help small businesses save money.
  • Contributions to the Simple IRA are tax-deductible for employers, and contributions and earnings grow tax-deferred until retirement.

Ready to Get Started?

Open a Simple IRA Today.

Get Started

Frequently Asked Questions

What is the contribution limit for a Simple IRA?

The IRS sets limits for how much you can contribute to a SImple IRA. See the current contribution limits.

What are the distribution rules for a Simple IRA?

A Simple IRA distribution is taxed as ordinary income according to federal and state income tax rates. You may also have to pay an additional tax of 10% or 25% on the amount you withdraw unless you are at least age 59½ or you qualify for another exception.

How do you invest with a Simple IRA?

It’s easy to invest with a Simple IRA in just 3 steps:

o Open a Simple IRA at Quest.

o Fund your account.

o Use the Investment Hub in the Client Portal to self-direct your investment.

Are there any important deadlines to be aware of when using a Simple IRA?

Open Deadline: October 1st of current year

Employee Fund Deadline: Defer from last paycheck or December 31st

Employer Fund Deadline: Extended due date of the business tax return

Simple IRAs must be open for two years before transfer outs are allowed

What is the difference between a SEP IRA and Simple IRA?

A SEP IRA only allows the business owner to make contributions, while a Simple IRA allows both the employee and the employer to make contributions.

Can I roll over my Simple IRA account to another retirement plan?

You can roll over your Simple IRA account to another Simple IRA account at any time without tax consequences. You can also roll over your Simple IRA account to another type of retirement plan, such as a Traditional IRA, a Roth IRA, or a 401(k), after two years of participating in the plan. However, you may have to pay taxes on the rollover amount, depending on the type of plan you choose.

Schedule a 15-minute call with a certified IRA Specialist

Not sure where to start? We’re here to help. From opening an account to funding your first investment, we are here for you every step of the way.

Schedule a Free Consultation
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Client Login

Log into your Client Portal to access all your SDIRA investments and account information. Upload new investments, manage old ones, and prepare for any upcoming deadlines online HERE.

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Managing your Solo 401k is quick and simple. Click here to access your online dashboard to manage your 401k account and submit your investments.

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