While the name makes you believe it’s “simple,” it’s not that much so. It stands for Savings Incentive Match Plan for Employees. It’s another cousin of an IRA, like the SEP. Unlike with a SEP however, the employer and employee (if you have one hundred or fewer employees who earned at least $5K or more in salary both contribute. The contribution limits are lower than with a 401(k): $12,500 if you’re under the age of fifty, and $15,500 if you’re over the age of fifty (so about $3,000 to $5,000 less than a 401[k] depending on how old you are). (See also: SEP)
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