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I work for a church that offers a 403(b) plan for it's employees. Amazingly, the church offers something even better than matching. It contributes 10% of one's gross salary into the plan. For instance, if one's salary is $35,000, the church will put $3,500 into your 403(b). Free money! That's a pretty good deal by any standard. We can contribute our own money to the plan, but I am not doing so.

My question is this... I also have a home-based business that is doing very well. Can I put some of that money into an IRA or some other tax deferred program. (Keough? SEP?). I would rather invest in individual stocks than put more money into the 403(b).

My wife does not work outside the home, but she does do the accounting for the home business. Perhaps she could open an IRA or similar plan?

Any advice or info would be appreciated.

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