A Simple IRA is a tax-deferred, employer-provided retirement plan that allows employees to set aside money and invest it. Under a SIMPLE IRA plan, employees may choose to make salary reduction contributions and the employer makes matching contributions.
Simple IRA Contribution Limits
Year
|
Standard Contribution |
Catch-Up Contribution (for ages 50 or older) |
---|---|---|
2020 |
$13,500 |
$3,000 |
2021 |
$13,500 |
$3,000 |
2022 and on |
Indexed with Inflation |