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If you are self-employed or own a small business, some retirement saving options you have include contributing to a Simplified Employee Pension IRA (SEP-IRA) or SIMPLE plan (Savings Incentive Match Plan for Employees).
A SEP-IRA plan is a tax advantaged retirement plan that allows employers to make pretax contributions to their own or their employees' accounts. Earnings in a SEP-IRA grow tax-deferred. Contributions to a SEP-IRA do not impact a participant's ability to contribute to a traditional or Roth IRA.
A SIMPLE IRA plan is a simplified retirement plan for small and growing businesses that allows you to provide a retirement program for yourself and your employees without the administrative expense, government reporting requirements, and complexity associated with other types of retirement plans.
For additional information about SEP-IRA and SIMPLE IRA plans, please see the related links to the Internal Revenue Service below.
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