SIMPLE IRA Calculator

Calculate contributions and project retirement growth for small business employees with a Savings Incentive Match Plan for Employees (SIMPLE) IRA.

Contribution Strategy

Annual Salary

Age Status

Your Contribution (%)

Employer Match (%)

Current Balance

Years to Retirement

Expected Annual Return (%)

Savings Forecast

Projected Balance$547,617After 25 years

Total Annual Contribution$7,800Employee + Employer

Account Growth Over Time

Overview

Calculate contributions and project retirement growth for small business employees with a Savings Incentive Match Plan for Employees (SIMPLE) IRA.

💡

Pro Tips

What is a SIMPLE IRA?: A SIMPLE IRA is a retirement plan for small businesses with 100 or fewer employees. It's easier and cheaper to maintain than a 401(k) but has lower contribution limits.
How much can I contribute?: For 2024, the employee contribution limit is $16,000. If you are 50 or older, you can contribute an additional $3,500 'catch-up' amount.
How does the employer match work?: Employers are generally required to either match employee contributions dollar-for-dollar up to 3% of compensation or provide a flat 2% non-elective contribution for all eligible employees.

Fun Facts

"The 'SIMPLE' in SIMPLE IRA stands for Savings Incentive Match Plan for Employees."
"If you withdraw money from a SIMPLE IRA within the first two years of joining the plan, the early withdrawal penalty is 25% (instead of the usual 10%)."
"Unlike a 401(k), employers cannot choose to skip the matching contribution—it is a requirement of the plan."

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SIMPLE IRA Calculator

Calculate contributions and project retirement growth for small business employees with a Savings Incentive Match Plan for Employees (SIMPLE) IRA.

Contribution Strategy

Annual Salary

Age Status

Your Contribution (%)

Employer Match (%)

Current Balance

Years to Retirement

Expected Annual Return (%)

Savings Forecast

Projected Balance$547,617After 25 years

Total Annual Contribution$7,800Employee + Employer

Account Growth Over Time

Overview

Calculate contributions and project retirement growth for small business employees with a Savings Incentive Match Plan for Employees (SIMPLE) IRA.

💡

Pro Tips

What is a SIMPLE IRA?: A SIMPLE IRA is a retirement plan for small businesses with 100 or fewer employees. It's easier and cheaper to maintain than a 401(k) but has lower contribution limits.
How much can I contribute?: For 2024, the employee contribution limit is $16,000. If you are 50 or older, you can contribute an additional $3,500 'catch-up' amount.
How does the employer match work?: Employers are generally required to either match employee contributions dollar-for-dollar up to 3% of compensation or provide a flat 2% non-elective contribution for all eligible employees.

Fun Facts

"The 'SIMPLE' in SIMPLE IRA stands for Savings Incentive Match Plan for Employees."
"If you withdraw money from a SIMPLE IRA within the first two years of joining the plan, the early withdrawal penalty is 25% (instead of the usual 10%)."
"Unlike a 401(k), employers cannot choose to skip the matching contribution—it is a requirement of the plan."

Used with this

Similar tools that might be useful

AFFO Calculator

Calculate Adjusted Funds From Operations (AFFO), a key performance metric for Real Estate Investment Trusts (REITs).

AFN (Additional Funds Needed) Calculator

Determine the amount of external funding a business needs to support a projected increase in sales.

ARV Calculator (House Flipping)

Calculate After Repair Value and determine the maximum offer price using the 70% rule for real estate investors.