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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76392  
Subject: Re: Self Employed Retirement Date: 8/6/1999 7:57 AM
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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 http://www.fool.com/Retirement/Retirement.htm. You should also get and read IRS Publication 560 (Retirement Plans for Small Business) at http://www.irs.ustreas.gov/prod/forms_pubs/index.html. As to your IRA questions, you will find those covered in the primer previously mentioned and in our IRA area at http://www.fool.com/Money/AllAboutIRAs/AllAboutIRAs.htm.


Regards..Pixy
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