What is out SIMPLE IRA Plan?

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The sIRA perk that gets all the headlines is the employer match.  TVRH will match your contribution, dollar-for-dollar, up to the first 3% of your pay. 

Contributions to a sIRA plan are taken out of your paycheck before the IRS takes its cut, which supersizes each dollar you save. Let’s say Uncle Sam normally takes 20 cents of every dollar you earn to cover taxes. Saving $800 a month outside of a sIRA requires earning $1,000 a month — $800 plus $200 to cover the IRS’ cut.  With a pre-tax paln, the entire $1000 goes right into the plan, where it can be invested and work for you to earn more dolla dolla bills y'all!

Besides the boost to your savings power, pretax contributions to a sIRA have another nice side effect: They lower your total taxable income for the year. For example, let’s say you make $30,000 a year and put $10,000 into your sIRA. Instead of paying income taxes on the entire $30,000 you earned, you’ll only owe on $20,000 of your salary. 

Adapted from Nerdwallet.com


Employer Match


TVRH matches your contribution 100% up to 3% of your earnings.  That means that if you earn $1000 and contribute 3% of your earnings to your sIRA, you would be putting $30 into your account and TVRH would be putting in another $30.  Now, lets say you decide to contribute 5% of your $1000 to your sIRA, you would then be putting in $50, but TVRH would still only be putting in $30. 





What is vesting you say?  Basically it's the process of the money that is put into your sIRA, actually becoming YOUR money.  Any money you contribute is always 100% vested, meaning it's 100% yours all the time.  The money that TVRH puts in to your account is also 100% vested!  Score!