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The Truth About Protecting Your IRAs and 401(k)s by Steve Weisman

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Truth 20 SIMPLE IRA

The SIMPLE IRA is hard to overlook, and not just because the government has chosen to spell its name in all capital letters.

Actually, although a SIMPLE IRA is meant to be simple, the name itself is an acronym for Savings Incentive Match Plan for Employees. Unlike most IRAs, in which the decision to set one up is entirely the choice of the individual, a SIMPLE IRA is an employer-sponsored retirement plan where, similar to a 401(k), contributions may be made by both the employer and the employee. As with a 401(k), however, the choice of whether or not to participate in an employer-sponsored SIMPLE IRA is that of the employee.

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