NEW Bluffton Location
117 E Elm Street
I hope this finds you well.
We are living in interesting times and, through it all, God is sovereign. There is nothing that will come our way that is outside of His notice or care. Proverbs 21:1 says "The king’s heart is a stream of water in the hand of the LORD; he turns it wherever he will."
Even though we cannot always see God's hand, we know He is at work. Be hopeful and confident in Him!!
Owning a small business can be onerous and demanding. It can also be quite rewarding, and not having a huge number of employees can help make it easier to build relationships with them. As a small business owner, you may want to help your employees with retirement but think it is difficult to do. But in reality, it is actually quite SIMPLE.
A SIMPLE (Savings Incentive Match Plan for Employees) IRA is an employer sponsored retirement plan that is offered by businesses with less than 100 employees. In other words, a SIMPLE IRA is a small-company version of a 401(k) plan. Some rules do differ, but the underlying idea is the same; employers can contribute to their workers’ retirement. So what advantages does a SIMPLE IRA give to a small business owner?
Compared to a 401(k), start-up and operating costs are lower.
There are two options when creating a SIMPLE IRA. You can provide employees with matching contributions up to 3% of the employees pay, or non-elective contributions worth 2% of the employee’s salary. Employee contribution limits are $13,500 per year, with an additional $3,000 catch up contribution if the employee is over the age of 50.
Does a SIMPLE IRA sound like it could be a good fit for you or your company? Feel free to contact us for a no-pressure conversation to talk about the future of your business and employees.