Learn about SIMPLE IRA for sole proprietors, including eligibility criteria, contribution limits, and withdrawal rules. Discover how to set up an account.

Employer Eligibility for a SIMPLE IRA. An employer must have 100 employees or fewer to open a SIMPLE IRA, and it must make contributions each year.

SIMPLE IRA eligibility rules. A SIMPLE IRA is available to self-employed individuals and small businesses with 100 or fewer employees and no other workplace retirement plan.

To be eligible to establish a SIMPLE IRA, the employer must have 100 or fewer employees. Those who are self-employed or sole-proprietors are eligible to establish a SIMPLE IRA as well.

If you have employees aged 50 and older, they’re eligible to make an added catch-up contribution of $3,500 to a SIMPLE IRA plan for a total of $19,500. For 2025, the contribution limit will go ...

A SIMPLE IRA is a flexible and tax-advantaged option for small businesses. An employee under age 50 can contribute up to $16,500 to a SIMPLE IRA in 2025. ... SIMPLE IRA eligibility requirements.

Lastly, under the act, small business employers who automatically enroll workers in their retirement plan are eligible for a tax credit to offset the costs of starting a 401(k) plan or SIMPLE IRA ...

A SIMPLE IRA is a retirement account that small companies can offer. It carries many of the same benefits of a 401(k) and functions like an IRA. Learn more about how it works for employers.

The maximum SIMPLE IRA employee contribution limit is $16,500 in 2025 (an increase from $16,000 in 2024). Employees who are 50 or older are also eligible to make additional catch-up contributions ...

In previous articles, I've discussed the SEP IRA and solo 401(k) business retirement. As a self-employed individual, you probably know you can open and fund a small-business owner retirement plan.