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This year and next I will make more money, and would like to set it aside for retirement. I have two employees, starting next year they will have 3 years with me. I do not wish to contribute to their retirement. Can I set up a SEP or SIMPLE for this year only? I assume contributing to employees is required, right? Are there any other vehicles? I have a ROTH-IRA, but assume I can only contribute $5,000 each year (I'm 54). I have a small amount in the RothIRA, as I didn't get started saving for retirement until recently. I'd like to "Catch up." I have about $50K this year, and maybe $50K next year that I'd like to save for retirement. What is the best way?
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