A SIMPLE IRA allows a $16,500 employee contribution in 2025, with higher limits for ages 50+ and 60-63. Employers may match employee contributions up to 3% or opt for a 2% non-elective contribution.

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Single or head of household: You must have a MAGI of $150,000 or less to contribute the full $7,000 to a Roth IRA (or $8,000 ...

A SIMPLE IRA, or Savings Incentive Match Plan for Employees, is a type of traditional IRA for small businesses and self-employed individuals. As with most traditional IRAs, your contributions are ...

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After retirement, most people see their annual income drop, and that's one of the things that makes an IRA so attractive.

For simplicity, employers might prefer the SIMPLE IRA. For flexibility, a 401(k) plan provides a wider array of choices. Many, or all, of the products featured on this page are from our ...

The changes for 401(k) and IRA catch-up contributions include: A higher 401(k) catch-up limit for those ages 60 to 63. A higher SIMPLE catch-up limit. The IRA catch-up limit will be indexed for ...

However, the amount a worker can save in a SIMPLE IRA is less than what they can save in a 401(k). For 2025, the annual contribution limit for SIMPLE IRAs is $16,500, up $500 from 2024.

Contribution limits are higher for a SIMPLE IRA than for either a traditional or Roth IRA. For example: Under age 50: You can contribute up to $16,500 annually. Age 50 or older: You can contribute ...

However, your contribution amount will vary depending ... Incentive Match Plan for Employees IRA, also known as a SIMPLE IRA. These plans are established by small businesses for employees.