This is the third in a series of articles that explain the variety of retirement plans family child care providers can choose from when contributing money towards their retirement.
The SIMPLE IRA stands for the Savings Incentive Match Plan for Employees of Small Employers. You don’t need to hire an employee to set up a SIMPLE IRA for yourself. Here are its main components:
Eligibility: There are no income eligibility requirements for a SIMPLE IRA. You must show a profit for your business in the year you make a contribution.