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TonyW44 writes:

<<Okay, question time. My former employer set me up with a SIMPLE IRA. Well, I don't work there anymore. But, I would like to put some more money away other than the $2,000 that I'm allowed to put into a Roth.

Now, I read that you can put in $6,000 into a SIMPLE IRA plus a 3 percent employer contribution. Well, scratch that last part, but can I put more money into the SIMPLE?>>


Nope, you cannot. A SIMPLE is a plan authorized only for small business owners and their employees. You are neither, so you may not contribute to the SIMPLE. See my Foolish Retirement Plan Primer at http://www.fool.com/Retirement/Retirement.htm for details.

Regards..Pixy
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