SIMPLE IRA Explained

[@SilviaManentFinancialAdvisor]

You're the best Travis.

[@loudiamonds5888]

Thank you very much

[@aThinkingChristian]

Excellent! Thanks.

[@johnoconnor6516]

Awesome video👌

[@TravisSickle]

Thanks 😀

[@aryehjonathanbistricer5302]

If I’m my own business owner is there a mandatory match to what I contribute?thank you

[@joysreesharma8892]

Very helpful information!

[@hugoocampo211]

Are you allowed to take money out? If so is there any penalty?

[@rekirmar]

Hello, Is it true simple IRA is not required to be filed in taxes?

[@TravisSickle]

no, that is not true.

[@gtgeo316]

Does the annual income limit include the employer match?

[@TravisSickle]

no

[@stylerussell9230]

Can a sole proprietor contribute the max if they are not drawing a salary from the business? Meaning everything thing is business income.

[@stylerussell9230]

Sickle Hunter Financial Advisors : Like A SEP?

[@RunE076]

What is the fee on a simple ira, is it yearly or monthly?

[@TravisSickle]

The fees depend on the firm and securities you hold.

[@RunE076]

Travis Sickle I do payroll with ADP an they want to charge me $20 a month with no setup fee, I don’t know enough about this to know if it’s a good deal or not, what do you think?

[@TravisSickle]

Fast AF depends, Is the plan for your business? Is the fee a flat fee or based on the amount invested? Are there additional fees?

[@RunE076]

Travis Sickle I have a small business, no employees yet, it’s a set fee, but because I’m a new ADP customer they have that offer of free setup, but I don’t know how the fees work, some websites have a yearly fee ($10-20) others say that there’s no fees, that’s where I get confused

[@TravisSickle]

Fast AF it sounds like the $20 is a processing fee so there could be other fees for the asset management. The bigger question is how much you plan on saving. The simple is a great plan for small employers but if you don’t have any employees and want to save more another plan may be better. Also, check the investment options too. That $20 fee most likely isn’t including those fees. And is that a per participant fee too?

[@sjc1235]

Can you simple ira and roth Ira?

[@TravisSickle]

Yes, depending on income.