Work Hard Today.
Build Wealth for Tomorrow.
At Work Hard Mortgage, we're passionate about helping families build wealth. That includes helping our own team prepare for a stronger financial future.
Our SIMPLE IRA retirement program, administered through Charles Schwab, is built to make saving for retirement simple, automatic, and genuinely rewarding.
Company matching contributions
Matching contributions up to 3% of eligible compensation, subject to the terms of our adopted plan election.
Current income-tax savings
Traditional pre-tax contributions may reduce the income taxes you owe today, generally deferring them until withdrawal.
Long-term investment growth
Your contributions, the company match, and earnings may grow over decades of invested time.
Employer contribution amounts described on this page are subject to verification of Work Hard Mortgage's adopted SIMPLE IRA plan election; the official plan documents control.
Explore Your Retirement Potential
Adjust the numbers to see how contributions, the company match, tax savings, and hypothetical growth may come together for you.
Annual employee contribution
$3,000
Annual employer match
$3,000
Combined annual savings
$6,000
Est. federal tax savings (this year)
$660
Est. state tax savings (this year)
$137
Est. after-tax cost of contributing
$2,204
Projected balance at age 65 (year 2056)
$832,191
Breakdown of the projection
- Your contributions$142,726
- Employer match$142,726
- Hypothetical investment growth$546,739
Potential account growth over time
- Your contributions
- Employer match
- Hypothetical growth
How Company Matching Works
Under the standard matching formula, Work Hard Mortgage contributes 100% of your contributions, up to 3% of your eligible compensation each year. In plain language: for every dollar you put in, the company puts in a dollar — until the match reaches 3% of your pay. Your own contributions beyond 3% are still yours and still grow, but they do not increase the company match.
Contributing 3% of pay
| Annual compensation | Your 3% contribution | Company 3% match | Combined annual savings |
|---|---|---|---|
| $50,000 | $1,500 | $1,500 | $3,000 |
| $100,000 | $3,000 | $3,000 | $6,000 |
| $150,000 | $4,500 | $4,500 | $9,000 |
| $200,000 | $6,000 | $6,000 | $12,000 |
| $250,000 | $7,500 | $7,500 | $15,000 |
What different contribution rates mean (example: $100,000 annual compensation)
| You contribute | Your annual contribution | Company match | Combined annual savings |
|---|---|---|---|
| 1% | $1,000 | $1,000 | $2,000 |
| 2% | $2,000 | $2,000 | $4,000 |
| 3%full match | $3,000 | $3,000 | $6,000 |
| 5% | $5,000 | $3,000 | $8,000 |
| 10% | $10,000 | $3,000 | $13,000 |
Notice that at 5% and 10% your own savings grow, but the company match stays at 3% of compensation — contributing more than 3% does not increase the employer match under the standard formula.
The Tax Advantage, Side by Side
Traditional pre-tax SIMPLE IRA contributions are generally not included in your taxable income in the year you contribute. That means more of your paycheck goes toward your retirement instead of toward income taxes right now.
| For this year | Without a SIMPLE IRA | With a SIMPLE IRA |
|---|---|---|
| Gross annual income | $100,000 | $100,000 |
| Traditional pre-tax contribution | — | $3,000 |
| Estimated reduction in current income taxes | — | $797 |
| Approximate after-income-tax cost of contributing | — | $2,204 |
| Employer contribution | $0 | $3,000 |
| Total retirement savings for the year | $0 | $6,000 |
Important nuance: traditional pre-tax contributions generally defer income taxes until you withdraw the money in retirement — they don't permanently eliminate taxes. When you later withdraw, amounts are generally taxed as ordinary income at the rates in effect then. Earnings also grow tax-deferred until withdrawal.
Pre-tax SIMPLE IRA contributions do not reduce Social Security or Medicare (FICA) taxes — FICA is calculated on your pay before the retirement deduction.
Watch Consistency Compound
Time in the market matters more than timing the market. Here's how steady contributions may accumulate over the next decades — the earlier contributions begin, the longer hypothetical investment earnings have to work.
- Your deposits
- Employer matching deposits
- Hypothetical earnings
Annual Contribution Limits
The IRS sets SIMPLE IRA elective-deferral limits each year, with additional catch-up amounts for participants aged 50 and over — including a higher catch-up for ages 60–63 under the SECURE 2.0 Act. Qualifying employers with 25 or fewer employees may also adopt enhanced limits.
| Age group | Standard limits | Enhanced limits (25 or fewer employees) |
|---|---|---|
| Under 50 | $17,000 | $18,100 |
| Ages 50–59 | $21,000includes $4,000 catch-up | $21,950includes $3,850 catch-up |
| Ages 60–63 | $22,250includes $5,250 catch-up | $23,350includes $5,250 catch-up |
| Ages 64 and older | $21,000includes $4,000 catch-up | $21,950includes $3,850 catch-up |
Values shown are the total elective-deferral limit (base limit plus any catch-up). For 2026 these values were verified against IRS Notice 2025-67 / IR-2025-111, Nov. 13, 2025 (verified 2026-10-20). Enhanced limits apply only to plans of qualifying employers with 25 or fewer employees. A new tax year's limits are published by the IRS each fall and are never assumed to match the prior year's.
Frequently Asked Questions
Straight answers about the SIMPLE IRA program.
How to Enroll
Getting started is simple and takes just a few steps.
Express interest
Let an administrator know you'd like to participate using the form below. This is a conversation, not a commitment.
Get the official forms
You'll receive the official Charles Schwab SIMPLE IRA enrollment materials, including the salary-reduction agreement.
Complete your election
Return the Schwab form and set your payroll election. Your contributions begin with the next eligible payroll cycle.