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    SIMPLE IRA Retirement Plans

    In today's competitive employment market, small businesses have an increasingly difficult task on their hand in attracting and retaining competent, qualified employees.

    One of the best ways to stand out in this difficult climate, and prevent your existing workers from jumping ship, is to offer some kind of tax-deferred retirement plan to your employees, something that only 25% of small businesses currently do.

    The cost of setting up a 401k plan can be inefficient and prohibitive for enterprises that only employ a few people, but there is another option, specially tailored to small companies.

    SIMPLE IRA plans are available to all U.S.-based companies that have fewer than 100 employees, and have no other retirement scheme currently in place. Set-up costs can be as low as $15 per employee, with minimal recurring expenses.

    Although they come with their share of limitations (the maximum contribution is a mere $6,000/year), and aren't as flexible for employers as 401k plans, the SIMPLE IRA structure's cost advantages are making it an increasingly popular alternative for smaller enterprises.

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