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Question 1:
My wife works for the state and has been contributing to her retirement plan. The state only gives 25 bucks toward her retirement plan each month no matter what so I figure we should move her retirement plan over to a Roth IRA at a discount broker since we are in such a low tax bracket right now anyway and I would much rather choose my investment from whatever I want rather than have to select from their few choices of mutual funds. Is this a good idea or is there something I am not taking into consideration?

Question 2:
My dad set me up a SIMPLE retirement account a few years back at a full service broker that is bringing in meager gains. I feel ready to manage my own account and want to move it into a discount broker Roth IRA. Are there any penalties in making this move? Things I should be aware of?

Question 3:
Can me and my wife both contribute our annual max allowance into one IRA account or do we have to have separate IRA's?
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