In 2023, SIMPLE IRA contributions are limited to $15,500. 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.

Contribution limits for 2022 were: Up to $14,000 for Simple IRA (plus an additional $3,000 for those 50 or older), and up to $6,000 for Roth IRA (or $7,000 for those 50 or older).

The Simplified Employee Pension (SEP IRA) and the Savings Incentive Match Plan for Employees (SIMPLE IRA) are the two most ...

With a traditional IRA, you could be eligible to receive a tax deduction in the year you make the contribution. Your contribution is capped at $7,000 in 2025, or $8,000 if you’re age 50 or older).

Retirement Self-directed SIMPLE IRAs: What employers need to know By Emma Radebaugh January 30, 2025, 11:00 a.m. EST 3 Min Read ...

If this option is chosen, the employer must make this 2 percent contribution for all eligible employees whether or not the employee has made a contribution to the SIMPLE IRA for the calendar year.

And your SIMPLE IRA's cap still remains at $15,500. For most sole proprietors and gig workers though, that's not a limitation that comes into play too often.

IRAs available through employer-sponsored plans To be eligible for a SEP IRA or SIMPLE IRA, you'll need to either be a business owner or work for an employer that sponsors one of these plans. SEP IRA ...