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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76421  
Subject: Re: Simple IRA - 4 months to deposit $6000? Date: 8/30/1998 10:26 AM
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Greetings, Douglas, and welcome. You asked:

During this month of August our company is setting up a Simple IRA retirement plant. This plan allows me to contribute up to $6000 of my salary into a Simple IRA. I will now have four months to contribute into this plan. Since I do not have 12 months to average out the $6000 contribution, is it possible to have my employer deposit the $6000 over the next four months into my Simple IRA Account or can I only deposit a percentage of my salary it into the account?

I have been getting different answers from different brokers and mutual fund companys.


One of the neat things about a SIMPLE as compared to any other plan is the fact that the contribution is only limited by an absolute dollar amount of $6K. Until that limit is reached, you may have 100% of your paycheck going into the plan. So in answer to your question, if you will earn at least $6K over the next six months, then there is no reason in the world you can't have that amount taken out of your pay and put into the plan.

Regards…..Pixy

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