A Simple IRA (Savings Incentive Match Plan for Employees Individual Retirement Account) is a retirement savings plan designed for small businesses and their employees. This plan allows both employers and employees to contribute, providing a straightforward way to save for retirement with tax advantages. It offers an easier setup and lower contribution limits compared to other retirement accounts, making it appealing for small business owners and self-employed individuals.
congrats on reading the definition of Simple IRA. now let's actually learn it.