Posted by taem on August 17, 2017 at 20:39:09 from (73.159.136.172):
In Reply to: Retirement posted by sparktrician on August 16, 2017 at 14:21:08:
Sounds like you are self employed and are concerned about your employees' well being. I ran a business for 35 years with up to 14 employees and found that a SIMPLE IRA met my needs and the employees' best. Why? My object was to put away as much as I could for retirement and to encourage the staff to do the same. A SIMPLE plan gives them an incentive: you determine how much you can afford to put away for yourself each year up to $12,500 a year and up to 3% of salary as the employer's match (paid to yourself) You also match whatever each employee puts away by the same percentage. In a bad year, you might not be able to save up to the maximum, and not be able to match; other years you save the maximum and put that extra 3% in for yourself and the employee. Either way, you and your employees decide how much to save or if they wanted to do it at all (about 1/2 of mind did), and you decide what % you can afford to match. It has minimal reporting requirements and doesn't cost anything to set up (contrast with a 401(k) which has high carrying costs to the employer. You can get one administered by a bank, trust co or firm like Vanguard or Fidelity which is what I did. Probably would make sense to talk to your accountant or other financial advisor. Mine suggested this twenty years ago instead of my plain IRA, and with what I contributed and a rising stock market am getting about double from the IRA what I draw from Social Security. Obviously you do better if you force yourself to save each year instead of buying a boat..or tractor.
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