SIMPLE IRAs are available to a broad range of businesses. Here’s who can set one up:
Small Businesses and Self-Employed Individuals: Any business with 100 or fewer employees—including sole proprietors, freelancers, and independent contractors—can establish a SIMPLE IRA to help provide retirement savings for themselves and their employees.
Tax-Exempt Organizations: Nonprofits, charities, and other tax-exempt organizations can also set up a SIMPLE IRA for their employees, offering a straightforward and low-cost retirement option for their workforce.
Governmental Entities: Local, state, and certain federal government entities can also establish SIMPLE IRAs, making it easy for employees in public service to save for retirement.