retirement

What is a SIMPLE?

 

What is SIMPLE or Savings Incentive Match Plan for Employees?

The Bankrate.com financial term of the day is: "Savings Incentive Match Plan for Employees."

Do you work for yourself or own a small business and are looking for a good retirement plan for you and your workers? The answer may be SIMPLE -- which in this case is an acronym that stands for Savings Incentive Match Plan for Employees. It's a company-sponsored individual retirement account for small businesses with no more than 100 employees; the workers must be earning at least $5,000 a year. The employer is required to make certain contributions to help employees build up their SIMPLE IRAs.

A Savings Incentive Match Plan for Employees, or SIMPLE, is a retirement savings solution for the self-employed or small businesses.

For answers to all of your retirement questions, visit the Retirement section at Bankrate.com.

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