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Types Of IRAs

SIMPLE IRA and SEP IRA For Small Businesses

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Both a Simple IRA (Savings Incentive Match Plans For Employees IRA) and a SEP IRA (Simplified Employee Pension IRA) are variations of IRA plans used by small employers to make contributions toward their employees' retirement and their own retirement.

Under a SEP-IRA, an employer can contribute to an employee's existing IRA.

Contributions are deductible. Self employed individuals have a different standard for contribution limits than employees of a firm that offers a SEP-IRA. The employer does not have to contribute (tax deductible) funds every year.

Penalties for early withdrawal are the same as with a traditional IRA.

For information about your plan, ask your employer for a copy of your Plan.

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