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Thank you TMFPixy for answering my questions about SEP's and SIMPLE IRA's. I am beginning to understand how they work, but still have a few questions. Is there a longevity requirement that must be met before one is eligible to open a SIMPLE acct? Since I have just begun my contracting job, I only expect to make about $3500 this year. It seems like from reading about this type of account that I need to have one or two years work history and I need to make at least $5000 to be eligible. Also, am I correct in assuming that since I'm not making a lot of money, that I would be able to invest more in a SIMPLE than I could in a SEP? Last question: am reading info from TIAA-CREF and I am not sure which fund is comparable to the Vanguard S&P 500 Index fund. They refer to these funds as "a variable annuity account..." and that has me a little worried. Are these mutual funds or are they annuities? Thanks for giving advice to a rookie investor. All help is appreciated.
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