When it comes to retirement planning, there are numerous options available. One of the most common, however, is the simple IRA plan. It's one of the most dependable ways to build an account when it comes time to retire, but the specifics may not be clear. For those that would like to learn more about the plan in question, here are some questions & answers that Robert Jain will be able to cover.
"First, what's a simple IRA?" By definition, a simple IRA is a retirement plan that employees gain from their places of work. The way that it works, according to such names as Bob Jain, is that employees can allocate certain amounts from their paychecks into their accounts. This is done over the course of several decades. While this money-saving measure takes time, the benefits will be nothing short of worthwhile.
"If I'm an employee, how do I know if I'm eligible?" This largely depends on how much money you make during the year. In order to apply for a simple IRA, you must be expected to earn $5,000 in the current year. Of course, your employer may be able to adjust requirements so that they're more lenient, especially for new hires. In any case, if you're curious about eligibility, you might want to speak to your employer.
"Why would an employer choose a simple IRA over a 401(k)?" While both plans are similar, there are differences to take into account as well. For instance, hence the name, simple IRAs tend to be less complicated to set up. Not only does this take some of the burden off the shoulders of an employer, but it helps their employees save more money as well. This is just one of the reasons why a simple IRA may be preferred.
"What are some of the benefits of a simple IRA plan?" The benefits of the plan in question are nothing short of numerous. Did you know that this type of plan automatically takes money from your check, meaning that it's automated? You should also know that your employer can match your weekly or biweekly contribution, thereby helping you save even more money. These are just a few reasons why anyone should consider a simple IRA.
"First, what's a simple IRA?" By definition, a simple IRA is a retirement plan that employees gain from their places of work. The way that it works, according to such names as Bob Jain, is that employees can allocate certain amounts from their paychecks into their accounts. This is done over the course of several decades. While this money-saving measure takes time, the benefits will be nothing short of worthwhile.
"If I'm an employee, how do I know if I'm eligible?" This largely depends on how much money you make during the year. In order to apply for a simple IRA, you must be expected to earn $5,000 in the current year. Of course, your employer may be able to adjust requirements so that they're more lenient, especially for new hires. In any case, if you're curious about eligibility, you might want to speak to your employer.
"Why would an employer choose a simple IRA over a 401(k)?" While both plans are similar, there are differences to take into account as well. For instance, hence the name, simple IRAs tend to be less complicated to set up. Not only does this take some of the burden off the shoulders of an employer, but it helps their employees save more money as well. This is just one of the reasons why a simple IRA may be preferred.
"What are some of the benefits of a simple IRA plan?" The benefits of the plan in question are nothing short of numerous. Did you know that this type of plan automatically takes money from your check, meaning that it's automated? You should also know that your employer can match your weekly or biweekly contribution, thereby helping you save even more money. These are just a few reasons why anyone should consider a simple IRA.
About the Author:
Please contact Bobby Jain if you would care for more financial insight.. This article, Simple IRA Plan Questions That Robert Jain Can Answer has free reprint rights.
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