Ask Terry Questions Simple IRA should I stop adding the max?

Simple IRA should I stop adding the max?

By Terry Savage on March 11, 2024 | Financial Planning / Retirement

I am employed in my husband’s business. We both deposit the max in the company Simple IRA. We have a healthy balance and feel when we turn 70 the withdrawal requirements will be taxed heavily. Who do we talk to to determine if it makes sense to not get the tax break now and put the non-matched portion somewhere else.

Terry Says

Well, first of all, you won’t have to start withdrawing until the year you reach age 73! But this is a decision that must be made in context of your entire retirement plan. I do suggest finding a fee-only FIDUCIARY advisor using this link to These are advisors you can trust, because they are not trying to sell you anything. They’ll go over your entire financial situation in context of the current decision.

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