2020 SIMPLE IRA Limits: What Retirement Savers Should Know
Employers understand the value of providing benefits to their workers. Especially in a tough job market, benefits like health insurance, a retirement plan, or flexible work hours can make the difference between landing a great employee or having that person choose another employer. But it can take a lot of effort to set up benefits like a full-blown 401(k) retirement plan.
With that in mind, the federal government came up with an alternative designed primarily for small businesses. The SIMPLE IRA offers many of the same benefits as 401(k) plans, but as the name suggests, it's easier for businesses to set them up and maintain them than it would be for more complex retirement plans.
Employees with SIMPLE IRAs are getting some good news for 2020. But before we get to that, let's first look at what SIMPLE IRAs are and how they work.
Source Fool.com
