WHAT IS A SIMPLE IRA?

SIMPLE IRA is a type of tax-deferred employer-provided retirement plan in the U.S. that allows employees to set aside money and invest it to grow for retirement.

Quite simply, SIMPLE is an acronym for Savings Incentive Match Plan for Employees. The  common name for this type of tax-deferred employer provides a retirement savings vehicle in its simplistic form. The SIMPLE IRA was designed to encourage smaller employers (100 or fewer employees) to provide retirement plans for workers while avoiding the complicated setup process of larger benefits packages.

WHAT ARE CONTRIBUTION LIMITS FOR A SIMPLE IRA?

All employees who received at least $5,000 [2018] in compensation from you during any two preceding calendar years (whether or not consecutive) and who are reasonably expected to receive at least $5,000 [2018] in compensation during the calendar year, are eligible to participate in the Simple IRA plan for the calendar year. If you’ve excluded eligible employees from your Simple IRA plan, find out how to correct this mistake.

CAN I USE GOLD IN MY SIMPLE IRA?

Yes! Your SIMPLE IRA investment choices are limited to what your custodian makes available to you. Legally, however, SIMPLE IRAs have the option to offer the following investment types:

  • individual stocks
  • options
  • precious metals bullion
  • individual bonds (corporate or government)
  • mutual fund shares
  • exchange Traded Fund (ETF) shares
  • certificates of Deposit (CDs)
  • Real Estate

Does Gold and Precious Metals Qualify for SIMPLE IRA? Retirement Plan Contribution Chart