SIMPLE IRA Account | Knowledge Base

Can I check my latest activity to my SIMPLE IRA Plan through a WealthRabbit account?

Yes, you can check your activities in the "Recent Activity" section of your dashboard. The activities are updated with the date and explanation.

Last updated on Sep 18, 2024

Can I withdraw funds from my SIMPLE IRA account if there is a medical emergency?

Yes. You can withdraw up to $1,000 from your retirement savings for any medical emergency. Employers will provide automatic enrollment in an emergency savings account with a maximum of $2,500. This account will be linked to your retirement plan, but you don't need to pay any penalty taxes on withdrawals from your retirement account.

Last updated on Sep 18, 2024

What are the vesting rules for employee contributions to a SIMPLE IRA?

For SIMPLE IRA plans, the vesting rules are applicable for both employee and employer contributions. - Any contributions you make to your SIMPLE IRA as an employee are always 100% vested.This means that you own the money you contribute, and you can manage or invest it for your retirement fund withdrawal. - Employer contributions (either matching or non-elective contributions) will also be 100% vested, and the employee completely owns them, even if they leave the job.

Last updated on Mar 14, 2025

Will the WealthRabbit allow employers to view/manage the employee's SIMPLE IRA account?

WealthRabbit does not allow employers to view or manage employees' SIMPLE IRA accounts. They can only view whether the employees are participating in the program.

Last updated on Sep 18, 2024

What is the use of Risk Calculator?

At WealthRabbit, the Risk Calculator evaluates employees' risk tolerance to recommend a SIMPLE IRA investment strategy aligned with their retirement goals.

Last updated on Sep 18, 2024

How can I manage the funds available in my SIMPLE IRA Plan?

WealthRabbit's Fund Management feature allows employees to easily manage their SIMPLE IRA investments with various fund options and tools to make smart decisions. This supports effective and personalized retirement planning for the employees.

Last updated on Sep 18, 2024

What is automatic rebalance and how does it work?

The Automatic Rebalance feature keeps employee investment portfolios on track by regularly and adjusting them to match the desired asset allocation. This automatic rebalancing feature at WealthRabbit helps in improving returns and managing risks automatically, and eliminating the need for manual effort even in the event of unexpected decreases in fund value.

Last updated on Sep 18, 2024

Can I make additional contributions to my SIMPLE IRA plan in addition to the employer match?

Yes, an employee aged 50 or older can make additional contributions to their SIMPLE IRA, regardless of their employer’s contribution. These additional contributions, known as catch-up contributions, allow an employee to contribute up to $3,500 in 2024 (the limit may vary each year due to cost-of-living increases).

Last updated on Sep 18, 2024

Can I change my investment options within my SIMPLE IRA?

Yes, you can change your investment options within your SIMPLE IRA. You can also customize your investments based on your preferences. To change your investments, follow these simple steps: Step 1: Log in to your WealthRabbit account. Step 2: Navigate to the "Investment" option in the Dashboard. Step 3: Click the "Change Fund" option to change (or customize) your investment. Step 4: On this page, adjust your risk tolerance score by using this slider. Step 5: If you need to reassess your risk tolerance, click the "click here" option to retake the assessment. Fill in the information in the respective fields, then click the "Save and Continue" option. Step 6: Based on your risk tolerance assessment, we've calculated your score to determine whether it is conservative or aggressive, then click the "Save and Continue" option. Step 7: You will see your current and updated risk tolerance scores. Click the “Save and Continue” option to update the information.

Last updated on Oct 08, 2024

Can I change my contribution type within my SIMPLE IRA?

Yes, you can change the contribution type in your account. Also, you can customize your contribution based on your preferences. To change your contribution, follow these minimal steps: Step 1: Log in to your WealthRabbit account. Step 2: In the Dashboard, click the "Contributions". Step 3: Click the "Edit" option here to change your contribution. Step 4: Click the "Change Contribution" radio button, enter your contribution in percentage or dollars, and click the "Confirm Change" button. Review your salary reduction agreement about your contribution, provide your e-sign, and click the "Save" option. Step 5: Here, you can view your new contribution percentage.

Last updated on Oct 08, 2024

Can I pause my contribution within my SIMPLE IRA?

Yes, you may be able to pause your contributions to your SIMPLE IRA, but it depends on your employer's plan settings. When creating a SIMPLE IRA plan, employers are given the option to allow employees to pause and resume their contributions at any time during the plan period. If your employer has chosen this option, you can stop your contributions and restart them whenever you wish. However, keep in mind how this affects employer contributions: - If your employer offers a 2% non-elective contribution, they will continue making contributions to your account even if you pause yours. - If your employer offers a dollar-for-dollar match, they will pause their contributions when you stop yours and will only resume matching when you restart contributing. Follow the simple steps to pause your SIMPLE IRA contribution in WealthRabbit. Step 1: Log in to your WealthRabbit account. Step 2: In the Dashboard, click the "Contributions". Step 3: Click the "Edit" option here to change your contribution. Step 4: Click the "Pause Contribution" radio button to pause your contribution, then click the "Confirm Change" button. Step 5: You have paused your contribution. If you need to resume your contribution, click the "Resume Contribution" option anytime.

Last updated on Oct 08, 2024

How can I update my information in WealthRabbit?

Follow the simple steps below to update your information in WealthRabbit 1. Login to WealthRabbit. 2. From the dashboard, go to “My Account.” 3. Select “Account Details.” 4. Navigate to the “Basic Information” section. 5. You’ll be prompted to enter your phone number to receive an OTA (One-Time Authorization) code for security. 6. Once your phone number is verified, you can edit your details. 7. Make necessary changes and click “Save & continue". Your updates will be reflected in your account within 24 hours.

Last updated on Oct 24, 2024

How do you transfer your other SIMPLE IRA or qualified retirement accounts to WealthRabbit?

With WealthRabbit, you can easily consolidate your SIMPLE IRA or qualified retirement accounts. To do so, follow the steps given below. Step 1: Sign in to your WealthRabbit account. Step 2: From the dashboard, navigate to ‘My Account’ and select ‘Consolidate Your Retirement Accounts.’ Step 3: To transfer your retirement account to us, click on ‘Submit New Request.’ Step 4: Complete the ‘Retirement Account Details’ and click ‘Save and Continue.’ Step 5: Upload the recent statement for the account you are transferring from to verify your retirement account and click ‘Save and Continue.’ Step 6: You can review the information, provide your signature, and click ‘Save and Continue.’ Step 7: Now, you will find a pop-up regarding the successful request transfer. Your financial institution will send you a confirmation request, and you must confirm it within 24 hours. After the successful confirmation, your funds will be transferred to WealthRabbit and will be invested in your chosen model within 2 to 3 business days.

Last updated on Dec 10, 2024

Can I transfer retirement savings from my ROTH IRA to a SIMPLE IRA?

No, you can’t transfer retirement savings from a Roth IRA to a SIMPLE IRA. But you can transfer other qualified plans, such as a 401(k), 403(b), 457(b), or other IRAs (e.g., SEP, Traditional), to a Roth IRA. Click here to learn how to transfer the retirement savings.

Last updated on Dec 10, 2024

Can I rollover other qualified plans from SIMPLE IRA?

You can rollover the retirement savings from SIMPLE IRA to other qualified plans. However, there are some specific conditions: - Rollovers from qualified plans such as 401(k), 403(b), 457(b), or other IRAs (e.g., SEP, Traditional) can be transferred after two years from the start date of the SIMPLE IRA plan. - If you rollover from SIMPLE IRA to SIMPLE IRA. You can make a tax-free rollover after one year.

Last updated on Dec 10, 2024

What should I do if my transfer request is rejected?

Your transfer request might be rejected due to incorrect information. To process your rejected return, Follow the steps below. Step 1: Sign in to the WealthRabbit Account Step 2: From the dashboard, navigate to ‘My Account’ and select ‘Consolidate Your Retirement Accounts.’ Step 3: Select the rejected return and click the ‘View’ icon. Step 4: You will find the reason for your rejection. To fix the errors, click ‘Fix Errors.’ Step 5: You will be prompted to fix the errors. Once completed, click ‘Save and Continue.’ Step 6: After fixing the errors, review and ‘E-sign’ the return and click ‘Save and Continue.’ Step 7: Now, your request will be transferred successfully.

Last updated on Dec 10, 2024