SIMPLE IRA vs. 401(k)

October 28, 2019

Have Your Clients Outgrown Their SIMPLE IRA?

For small companies, a SIMPLE IRA can make sense as a retirement savings option for both the business owner and their employees. But as the company grows, a SIMPLE IRA might no longer be a fitting solution.
By understanding the key differences between the two plans, you can quickly identify if now is the right time to convert to a 401(k) plan.

Graphic highlighting the key differences a 401k plan allows for:
Higher Contributions
- Higher tax deductions
- More Plan Design
-Profit Sharing
Table comparing SIMPLE IRA and 401k
*Maximum contribution in 2019
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