Retirement Options for Individuals

Ask your employer to start one — the IRS will help pay for it.

Thanks to SECURE 2.0, small businesses (under 100 employees) that start a new 401(k), SEP, or SIMPLE plan can receive thousands in federal tax credits. Many owners simply don't know the money is there. Share these numbers with yours:

Startup credit

Up to $5,000/yr

100% of plan startup and admin costs for the first 3 years (employers with ≤50 employees). Up to $5,000 per year — as much as $15,000 total.

Employer contribution credit

Up to $1,000/employee

Additional credit for employer contributions made on behalf of employees earning under ~$100k, phased down over 5 years.

Auto-enrollment credit

$500/yr

Extra $500 per year for 3 years for adding automatic enrollment to a new or existing plan.

Bottom line for a small MS employer: starting a plan can be effectively free — or even net-positive — for the first several years. Send your boss or HR to our small-business page to see the numbers and compare providers.

Share the employer tax-credit calculator →IRS: startup cost credit details

The Saver's Credit

If you contribute to an IRA or workplace retirement plan, you may qualify for a federal tax credit worth up to $1,000 (or $2,000 for married couples filing jointly) — on top of the tax benefits of the account itself. It's one of the most overlooked benefits for low- and moderate-income Mississippi savers.

See if you qualify at IRS.gov →

Credit	Single	Married jointly
50%	≤ $24,500	≤ $49,000
20%	$24,501–$26,500	$49,001–$53,000
10%	$26,501–$40,500	$53,001–$81,000

Credit

Single

Married jointly

50%

≤ $24,500

≤ $49,000

20%

$24,501–$26,500

$49,001–$53,000

10%

$26,501–$40,500

$53,001–$81,000

Traditional IRA

Best for: Anyone with earned income
Contribution: Up to $7,000/year ($8,000 if age 50+)
Tax treatment: Tax-deferred growth; deductible contributions may reduce taxable income
Note: Withdrawals are taxed as ordinary income after age 59½.

Roth IRA

Best for: Younger savers or those expecting higher taxes in retirement
Contribution: Up to $7,000/year ($8,000 if age 50+)
Tax treatment: Tax-free growth; contributions come from after-tax dollars
Note: Income limits apply. Mississippi does not tax retirement income from qualified plans.

Spousal IRA

Best for: Married couples with one non-working spouse
Contribution: Up to $7,000/year per spouse
Tax treatment: Traditional or Roth rules apply
Note: Lets a stay-at-home spouse build retirement savings too.

my Social Security

Best for: Tracking future benefits
Contribution: N/A — estimate only
Tax treatment: Benefits may be taxable depending on total income
Note: Create a free account at ssa.gov to check your estimated benefit.

Lost & Found Retirement Accounts

Best for: Anyone who had a 401(k) at a previous job
Contribution: N/A — lookup tool
Tax treatment: Existing balances keep their tax treatment
Note: Search for forgotten 401(k)s, pensions, and IRA accounts from past employers.

Build retirement savings on your own.