This SIMPLE IRA overview has been updated with information for the 2023 & 2024 tax years. This is the third installment in a multi-part series on retirement accounts for self-employment income. We previously covered SEP IRA and Solo 401K basics. In this post, we’ll cover the SIMPLE IRA. You don’t have to be entirely self-employed to find this or the other two retirement account options relevant. If you have any self-employment income (even part-time side income), you could use these accounts to your benefit. What is a SIMPLE IRA? The SIMPLE IRA is a bit of a misnomer. It’s not
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