Simple IRA Question
So I’m just now eligible to contribute to the Simple IRA offered by my employer. I won’t be able to contribute much, maybe about $100 each paycheck (paid every other week). They match 3%. I’ve been focusing on maxing out my Roth IRA, which is why I won’t be able to contribute much to the Simple IRA. I’m currently looking for a new job though, as there’s been lots of drama and the owners don’t really respect their employees here.
Is it worth contributing to, even if I may leave soon and not have much money contributed to the account? I know the Simple IRA is with Vanguard and I read they charge a $25 fee every year, which seems high given the small amount of money I expect to have saved. And I also don’t know if there’s an account minimum in order to keep it active. I’m planning on transitioning it to a traditional IRA or Roth IRA with Schwab after the mandatory 2 year period, which is where I have my current Roth account.
Any advice on what I should do?
Posted Jun 10, 2021, 2:34 PM UTC
Yes, free money is free money and simple IRA employer matches are 100% vested.