Is a Simple IRA different than a Traditional IRA?

Yes. There are several types of IRAs available:

• Traditional IRA.
• Roth IRA.
• SEP IRA..
• SIMPLE IRA. 

A traditional IRA can be set up by any person who has earned income and wants a tax-advantaged way to save for retirement. 

A SIMPLE IRA is designed to be opened by a small business owner on behalf of up to 100 employees, including the owner if that person is a sole proprietor. 

A SIMPLE IRA plan follows the same investment, distribution and rollover rules as traditional IRAs. 

A SIMPLE IRA is a type of traditional IRA with contribution and distribution restrictions that are different from those associated with an ordinary traditional IRA.