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Greetings, kimba0071, and welcome. You asked:

<<Can you explain to me the difference between these two IRAs? According to the bulletin board, the only difference I see is that I can out more into a SEP.
My boss is offering me one or the other. >>

For an explanation of both, see my Retirement Plan Primer at Depending on your salary level and your employer's largesse, the SIMPLE many times enables greater contributions than the SEP. In the SEP, your employer can contribute up to 15% of your pay (limited to $30K), and in the SIMPLE up to 3% (limited to $6K). You, though, may contribute only $2K to the SEP. You may contribute up to $6K to the SIMPLE. In the SEP, your employer's contribution is optional. In the SIMPLE, it is not.

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