SIMPLE IRA Calculator For Retirement

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

SIMPLE IRA Retirement Calculator

To determine how much income your SIMPLE IRA will pay you now or in the future, use this payout calculator to get accurate annual amounts updated in real-time.

How This SIMPLE IRA Payout Calculator Works

This calculator uses annuities with guaranteed lifetime withdrawal benefits to calculate how much monthly income you can receive from your SIMPLE IRA. These are actual numbers and not estimates. We use annuities to determine the payout because they contractually guarantee payment for the rest of your lifetime, and any remaining balance will be passed down to your beneficiaries, relieving the stress of worrying about running out of money.

This method usually pays you a higher monthly payout than traditional withdrawal methods.

And don’t worry. There are no tax consequences for transferring to an IRA annuity.

Take These Steps

  1. Enter your age.
  2. Input your resident state.
  3. Input your current SIMPLE IRA balance,
  4. When would you like to collect your SIMPLE IRA payout (Start My Benefits)?
Reverse Sep Ira Calculator: How Much Will My Sep Ira Pay Me In Retirement?

What is a SIMPLE IRA?

A SIMPLE IRA (Savings Incentive Match Plan for Employees) is a retirement plan for small businesses with 100 or fewer employees. It offers tax advantages and is easy to administer, making it an attractive option for employers and employees.

  1. Eligibility:
    • Employers with 100 or fewer employees who earned at least $5,000 in the preceding year can establish a SIMPLE IRA.
    • Employees who earned at least $5,000 in any two preceding years and expect to earn at least $5,000 in the current year are eligible to participate.
  2. Contributions:
    • Employee Contributions: In 2024, employees can contribute up to $16,000 annually, with an additional catch-up contribution of $3,500 for those aged 50 or older, bringing the total to $19,500.
    • Employer Contributions: Employers must make a matching contribution of up to 3% of the employee’s compensation or a non-elective contribution of 2% for each eligible employee.
  3. Tax Benefits:
    • For Employees: Contributions are made pre-tax, reducing taxable income for the year. Investments grow tax-deferred until withdrawn.
    • For Employers: Contributions are tax-deductible as a business expense.
  4. Vesting: Contributions to a SIMPLE IRA are immediately 100% vested, meaning employees own all the money in their accounts, including employer contributions, right away.
  5. Distributions:
  6. Administrative Simplicity: SIMPLE IRAs are easy to set up and maintain, with minimal paperwork and reporting requirements compared to other retirement plans like 401(k)s.
Simple Ira Retirement Calculator

How We Can Help

At The Annuity Expert, we understand your challenges when planning retirement. With 15 years of experience as an insurance agency, annuity broker, and retirement planner, we are dedicated to helping you find the best solutions at the lowest costs.

We believe in providing personalized advice tailored to your individual needs and preferences, ensuring you feel valued and special. Our attention to detail and commitment to excellence enhances your overall experience and helps you make informed decisions about your retirement planning.

Our Expertise

We specialize in SIMPLE IRAs and can help you understand how this retirement plan can benefit you and your employees. We recognize the symptoms of inadequate retirement planning—stress, uncertainty, and financial insecurity—and we are here to alleviate those concerns with expert guidance and reliable support.

What We Recommend

Step 1: Initial Consultation

  • First Step: Schedule a free consultation with us. During this session, we’ll discuss your retirement goals, financial situation, and any concerns you may have.
  • Main Benefit: You’ll gain a clear understanding of your options and how a SIMPLE IRA can fit into your retirement strategy.

Step 2: Personalized Plan Creation

  • Next Step: Based on our consultation, we will create a personalized retirement plan tailored to your specific needs and preferences.
  • Main Benefit: You’ll receive a detailed plan that outlines the steps to achieve your retirement goals, ensuring you are on the right track.

Step 3: Implementation and Ongoing Support

  • Final Step: We will help you set up your SIMPLE IRA and provide ongoing support to ensure your plan remains effective and up-to-date.
  • Main Benefit: You’ll have peace of mind knowing that your retirement plan is managed by experts dedicated to your financial success.

Features and Benefits

  • Personalized Advice: Tailored recommendations that align with your financial goals.
  • Expert Guidance: 15 years of experience in retirement planning and annuities.
  • Ongoing Support: Continuous assistance to keep your retirement plan on track.
  • Tax Advantages: Maximize your tax savings with expert strategies.
  • Simplified Process: Easy setup and maintenance of your SIMPLE IRA.

Addressing Common Objections

  • “I can’t afford to contribute right now.” We can help you find a contribution level that fits your budget and benefits your retirement plan.
  • “It’s too complicated.” We simplify the process and handle the paperwork for you.
  • “I’m too late to start saving.” It’s never too late to start planning for your retirement. We can help you make the most of the time you have.

The Consequences of Not Acting

Failing to plan for retirement can lead to financial insecurity, stress, and a lower quality of life in later years. Working with us will secure your financial future, give you peace of mind, and help you achieve your retirement goals.

The Positive Outcomes

You’ll experience confidence in your financial future, reduced stress, and the satisfaction of knowing you’re taking the proper steps toward a comfortable retirement.

Contact us today for free advice or a personalized quote to get started on your retirement planning journey.

SIMPLE IRA Assistance

Get help or a quote from a licensed financial professional. This service is free of charge.

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Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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