CHARLOTTE, NC / ACCESSWIRE / April 10, 2021 / For some retirement investors, simply thinking about all of the options available can be a headache. Even for the so-called SIMPLE-IRA-the Savings Incentive Match Plan for Employees IRA-it is more complicated than it sounds. That's why American IRA, a Self-Directed IRA administration firm based in Asheville, North Carolina, recently released a post to help investors make sense of the SIMPLE-IRA, and what it means.
The post began by defining the SIMPLE-IRA. "This is essentially a way for you to use your small business…to set up a nice savings incentive plan," according to the post. The article then detailed the various characteristics of the SIMPLE-IRA. For example, in a SIMPLE IRA, employees can make contributions up to an allowable limit, wherein the employer can contribute to the plan and match the contributions dollar-for-dollar.
This makes it possible for even small businesses to create an employee retirement matching plan. The idea is not only will this incentivize individuals to come and work for that business, but it helps small businesses take care of their own.
The post went on to talk about the structure of the SIMPLE-IRA when it comes to taxes. Taxes on contributions to a SIMPLE-IRA are deferred, meaning they are deductible. This means that investor can potentially save money on their tax bill by putting money away into the SIMPLE-IRA.
"The SIMPLE-IRA can sometimes confuse people," said Jim Hitt, CEO of American IRA. "It has a nice and simple-sounding name, but for investors who are new to retirement investing, it's not exactly intuitive. With this post, we hoped to clear the air for business leaders who are looking to create an incentive for their employees to put aside money for retirement."
For more information on how the SIMPLE-IRA works, the post continued to detail who may qualify for such a plan. Those details are available at the American IRA blog, hosted at www.AmericanIRA.com. For more information, interested parties may contact the Self-Directed IRA administration firm at 866-7500-IRA.
American IRA, LLC was established in 2004 by Jim Hitt, CEO in Asheville, NC.
The mission of American IRA is to provide the highest level of customer service in the self-directed retirement industry. Jim Hitt and his team have grown the company to over $500 million in assets under administration by educating the public that their Self-Directed IRA account can invest in a variety of assets such as real estate, private lending, limited liability companies, precious metals and much more.
As a Self-Directed IRA administrator, they are a neutral third party. They do not make any recommendations to any person or entity associated with investments of any type (including financial representatives, investment promoters or companies, or employees, agents or representatives associated with these firms). They are not responsible for and are not bound by any statements, representations, warranties, or agreements made by any such person or entity and do not provide any recommendation on the quality profitability or reputability of any investment, individual or company. The term "they" refers to American IRA, located in Asheville and Charlotte, NC."
SOURCE: American IRA, LLC