What is SIMPLE IRA?
SIMPLE IRA is an employer-provided retirement plan that may be established by small employers, including self-employed individuals. It’s similar to well-known plans such as 401(k) or 403(b) but offers simpler and less costly administration rules, as it is not subject to ERISA and its associated regulations. It allows employees to set aside money and invest it to grow for retirement.
The main difference between workIRA and SIMPLE IRA: SIMPLE IRA plan requires/allows the employer to contribute.