Being a small business owner has its advantages, and access to SIMPLE IRAs is one of them. It is a written salary reduction arrangement that allows your employees to contribute to their individual IRAs. As the employer, you are required to make annual contributions to the IRAs.

SIMPLE IRAs are available to self-employed individuals or owners of companies that have 100 or fewer employees and no qualified retirement plan. Employees are eligible for a SIMPLE IRA if they have earned at least $5,000 annually.

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SIMPLE IRAs may be funded by annuities. Annuities are not appropriate for everyone. There are fees and charges associated with owning an annuity. Annuities do not provide any additional tax advantage when used to fund a qualified plan such as an IRA. Investors should consider buying an annuity to fund a qualified plan for the annuity’s additional features, such as lifetime income payments and death benefit protection.