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SIMPLE IRAs in Morehead, NC

At Good Life Financial Advisors of Morehead City, NC, our mission is to help you work toward financial freedom with strategic planning solutions like SIMPLE IRAs.

Proactive guidance is paramount when working toward financial goals that serve your best interest. And while there are many benefits of SIMPLE IRAs, knowing exactly what they entail is essential in deciding whether or not they are suitable for you. Here's what you need to know.


The "SIMPLE" in SIMPLE IRA is an acronym for "Savings Incentive Match Plan for Employees." It's a retirement savings plan ideal for employers with 100 or fewer employees, as it comes with fewer startup costs than a traditional retirement plan.

In a SIMPLE IRA, you as an employer can match employee IRA contributions up to 3% of the employee's total compensation or contribute 2% of the employee's total compensation to the IRA—even if the employee elects not to contribute.

Am I a Good Candidate for SIMPLE IRAs?

If you employ fewer than 100 employees and want to offer a retirement plan, you're a great candidate for a SIMPLE IRA retirement plan. If you're an employee whose employer offers this option, a SIMPLE IRA can help you get a head start on your retirement savings. You can also invest the funds in your SIMPLE IRA.

How Can SIMPLE IRAs Benefit Me?

If you're an employer, a SIMPLE IRA saves you money over a traditional 401k or similar retirement plan. It's a valuable retirement benefit that may help you attract quality employees.

Suppose you're an employee and can afford to contribute 3% of your salary to a SIMPLE IRA. In that case, you can benefit from a 3% employer match, meaning the fund will accumulate up to 6% of your total yearly compensation.

Even if you can't afford to contribute as an employee, it's worth signing up for a SIMPLE IRA, as your employer will still contribute. In addition, you're always 100% vested in the fund's total value, meaning you have complete ownership of both your and the employer's contributions.

Schedule Your Complimentary Discovery Call

We hope you enjoyed learning about the benefits of SIMPLE IRAs. If you believe you are a good candidate or have questions, our team is here to help! At Good Life Financial Advisors of Morehead City, we believe in empowering our clients with education and resources so that they can feel confident about their financial future.

To learn more about SIMPLE IRAs, contact us today to schedule a complimentary Discovery Call. This meeting is a no-obligation consultation to discuss your current life circumstances, financial situation, and long-term goals. It is also an opportunity for you to learn more about us and determine whether you feel comfortable moving forward with our team of financial professionals.

If you're ready to discover the Good Life, contact us today to schedule your free consultation. We hope to help you soon!


The opinions voiced are for general information only and are not intended to provide specific advice or recommendations for any individual.