On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement (SECURE) Act.
Most of the changes in this new law are taxpayer-friendly programs designed to boost American retirement savings.
- Did you know 86% of active fund managers failed to beat the market last year?
- Did you know 80% of 401(k) plan participants are unaware of how much they pay in fees?
- Did you know an account with $120,000 could pay up to $8,000 in fees EVERY YEAR?
Gold Eagle Simple IRA
1) Part-time employees
tarting in 2021, the SECURE Act guarantees retirement plan eligibility for employees who have worked at least 500 hours per year for at least three consecutive years. *
*The part-timer must also be 21 years old by the end of the three-year period. The new rule doesn’t apply to collectively bargained employees.
2) The New Kid
Congratulations on the new arrival! The IRS now lets each spouse take out $5,000 penalty-free for the birth of the new baby or adoption of a child.
3) The SECURE Act
The new law allows companies offering QACAs to ultimately add more money to their workers’ retirement accounts.
The 10% cap on QACA automatic contributions has changed to 15%, except for a worker’s initial year of participation.
Tax Credits
Up to $16,500 in tax credits!
The SECURE Act increases the tax credit available for 50% of a small business’s retirement plan start-up costs from $500 per year to $5,000.
The new law also created a new $500 tax credit for a small business’s start-up costs for plans that include automatic enrollment.
Everyone in the pool!
Starting in 2021, small businesses can join together in a multiple-employer plan and have a “pooled plan provider” administer it. This provision allows unrelated small businesses to leverage economies of scale not otherwise available to them, which typically results in lower administrative costs.
The Gold Eagle SIMPLE IRA: Who Can Start One?
Small businesses qualify to open a Gold Eagle SIMPLE IRA if they meet these criteria:
- They had no more than 100 eligible employees during the previous calendar year.
- It’s their only plan.
If your company successfully grows beyond 100 employees, you have 2 years to close the plan or transfer to another type of plan.
Employer Benefits
- Big Tax Credits: Up to $16,500!
- Low Cost: Free for the first 3 years.
- Ease: Our financial custodian handles nearly every detail.
- Hassle-Free: No IRS reporting or testing required
- Protection: Access to physical precious metals
- Flexibility: Employers have the choice to match the participating employee’s contributions or to contribute a fixed percentage of all eligible employees’ pay.
- Recruiting: If you are seeking to attract and retain the best and brightest employees.
Employee Benefits
- Your contributions are discretionary
- Your employer match is mandatory
- Part-time employees now qualify for retirement plans
- Access to precious metals ownership
- Fully portable – take your money with you when you leave your company
- Independence: Each employee has his/her own IRA as part of Gold Eagle Plan
- NO PROPRIETARY PRODUCTS – 100% decentralized IRA
Ideal Candidates for SIMPLEGoldIRA
If your business falls into one of the following categories, you may want to consider a Gold Eagle IRA plan.
- A small business with 100 employees or less.
- The business had no previous plan
Out of Pocket Contributions;
- Pre-tax up to 25% of your salary
- May provide a tax deduction in the year of contribution
Funds/Investments in the SEP IRA;
- Tax-deferred growth
- No capital gains tax or federal/state income tax while inside the account
Distributions/Withdrawals;
- Distributions after age 59 1/2 taxed as ordinary income
- Included as ordinary income in year of withdrawal
SEP IRA Explained
- Best for 1-3 Employees
- $57,000 Limit
- 100% Employer Funded
- No Matching
SIMPLE IRA Explained
- Best for 5 of More Employees
- $27,000 Limit
- Employer- and -Employee-Funded
- Mandatory Matching
