Retirement

The biggest benefit for a business with a Simple IRA plan is that it provides a very easy way to provide an employee retirement option without all the technical complications of 401Ks and similar account plans. Second, the establishment and maintenance costs to run a Simple IRA plan are a big plus for the cost-conscious business. Additional benefits include No special plan-level tax reporting is required for the employer annually. No discrimination testing is necessary. There is no requirement on the employer to track vesting. All contributions are immediately 100% vested (at the point of deposit the employee owns the full amount in the retirement account without any time delay).

If you withdraw money from a SIMPLE IRA in the first 2 years, you will be subject to a 25% withdrawal penalty. This is 15% higher than a traditional IRA premature distribution penalty.

Yes. www.rothira.com

Yes. www.rothira.com

If you qualify, you will continue to receive your social security Disability benefits as long as your condition keeps you from working. Your case will be reviewed periodically to see if there has been any improvement in your condition and whether you are still eligible for benefits. If you are still disabled when you reach full retirement age, your disability benefit will be automatically converted to a retirement benefit of the same amount.

You can go to the SSA website at http://www.socialsecurity.gov/disability/professionals/bluebook/AdultListings.htm or get the SSA Publication.
Disability Evaluation Under Social Security (SSA Pub. No. 64-039) contains the medical criteria that Social Security uses to determine disability. It is intended primarily for physicians and other health professionals.
You can fax a request to the Social Security Administartion Fax Number, 410-965-0696. You can also write or call: Social Security Administration Public Information Distribution Center P.O. Box 17743 Baltimore, MD 21235-6401 Phone 410-965-0945.

When the social security administration averaged out your 35 highest years of earnings to estimate your benefits on your social security Statement, it was assumed you would continue to work up to age 62, making the same earnings you made last year.
If, instead, you have zero earnings each year over the next 6 years, your average earnings will probably be less and so will your benefit.
You can use the Social Security Benefits Calculators to see how this will affect your monthly benefit amount. The Social Security Benefits Planner is located at http://www.ssa.gov. In addition to using the SSA website, you can call SSA toll-free at 1-800-772-1213.

For most current and future retirees, the social security administration will average your 35 highest years of earnings. Years in which you have low earnings or no earnings may be counted to bring the total years of earnings up to 35.
The Social Security administration has a Benefits Planner which is located at http://www.ssa.gov. The planner is divided into 4 sections including retirement, disability, survivors and calculators. Employees can determine their own social security benefit by using the calculate section.

If you work in a job that is covered by Social Security, you and your employer must pay the Social Security and Medicare taxes on your earnings even if you are already receiving Social Security benefits.
The same is true if you are self-employed. You are still subject to the Social Security and Medicare taxes on your net profit.