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Quick question - I've gotten confused about retirement accounts. The new limit is $3000. Is that for ALL accounts, or just traditional or Roth IRA? I thought you could contribute up to 15-20% of your salary in a 401(k)? Since I'm self employed at the moment, can I contribute up to $3000 in a traditional or Roth, AND ALSO contribute up to 20% of my salary in a SEP-KEOUGH?

HELP! I thought I understood this until I checked out "An Idiot's Guide to Funds," and now am not sure of my yearly limitations.

Also, do all retirement plans compound the same way? Is there an added benefit in the 401(k) or Traditional/Roth with their $3000 limits that is above and beyond other plans?

Thanks in advance. I did check this board for answer first, but couldn't find the answer I was looking for.

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