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Greetings, Hunkman, and welcome. You wrote:

<<Here are the questions. I had a 401(k) that was put into a Rollover IRA when I left one job. I also have a SIMPLE IRA from another job which, I understand I shouldn't touch for two years in order to avoid a 25% penalty. What should I do about establishing some type of tax deferred retirement plan as an independent contractor (Keough???[sp?]) and where do I go to read all about it? And can I put $2000 into each individual IRA and/or retirement plan? Can I or should I consolidate them?>>

As an independent, self-employed contractor you may establish a SEP-IRA, a SIMPLE or a Keogh plan for yourself. To see which would be more advantageous for your circumstances, read a summary of each in my Foolish Retirement Plan Primer at You should also get and read IRS Publication 560 (Retirement Plans for Small Business) at As to your IRA questions, you will find those covered in the primer previously mentioned and in our IRA area at

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