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What is a SIMPLE IRA plan?

Last updated on Sep 17, 2024

An Individual Retirement Account (IRA) is a long-term savings account that individuals with earned income can use to save for the future while enjoying certain tax activities.

There are different types of IRA plans existing at present. In all those, the SIMPLE IRA provides a salary reduction contribution option along with the employer’s matching or non-elective contribution to their retirement fund.