You can also open a Savings Incentive Match Plan for Employees (SIMPLE) IRA as a business looking to provide some type of retirement plan for employees.
In order to qualify to contribute to a SIMPLE IRA, you need to earn at least $5,000 in any two calendar years before the current year and also expect to earn that much in the current year. However, the IRS states that “an employer can use less restrictive participation requirements than those listed, but not more restrictive ones.”
For more on the rules, visit the IRS website.
It’s not the usual blah, blah, blah. Click here to sign up for our free newsletter.
Sponsored: Find the right financial adviser
Finding a financial adviser you can trust doesn’t have to be hard. A great place to start is with SmartAsset’s free financial adviser matching tool, which connects you with up to three qualified financial advisers in five minutes. Each adviser is vetted by SmartAsset and is legally required to act in your best interests.
If you’re ready to be matched with local advisers who will help you reach your financial goals, get started now.