A Simple Plan is the most basic retirement plan. Its main purpose is to encourage small businesses to offer retirement plans for its employees. These plans permit small business owners who have fewer than 100 employees to establish an employee retirement plan. The required administrations of these plans can be much less than that required of traditional plans. Because of this, cost can be low compared to traditional plans. A 401(k) is also a retirement plan that represents a way to reduce your current taxable income by making ongoing contributions. It does this because contributions come directly out of your pay before taxes are withheld. Many plans include a matching contribution from your employer, which helps build your retirement fund that much faster.
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