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Describe Retirement Plans Designed for Small Businesses or Individuals Who Are Self-Employed

Just as there are retirement plans available to employees of large businesses, there are also retirement plans available to employees of small businesses and individuals who are self-employed. These plans have some of the same tax advantages as the plans available to larger businesses, and some of these plans are even more generous. Some of these plans allow you to invest even if you already have another retirement plan through another employer. For example, if you are self-employed (either full- or part-time), or if you work for a small business, you can invest money in a simplified employee pension plan (SEP-IRA), a Keogh plan, or a new savings incentive match plan for employees (SIMPLE).

There are two categories of small-business retirement plans. The first category includes plans funded by the small-business employer, for example, SEP-IRAs and Keogh plans. The second category includes plans funded by both the small-business employer and the employee: mainly the SIMPLE IRA and SIMPLE 401(k) plans.


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