I have a simple IRA through my employer. What does it mean to make a contribution to my IRA. I haven't received money through it, I have money taken out of every paycheck

[WillK · Accepted solution]

A simple IRA is short for a Savings Incentive Match Plan for Employees Individual Retirement Account. It  is a type of tax-deferred employer-provided retirement plan in the United States that allows employees to set aside money and invest it to grow for retirement.

When you contribute your money to the Simple IRA you are contributing to a retirement plan that you will be able to draw from when you retire.