A SIMPLE plan is an employer-contribution retirement plan for self-employed persons or small businesses (100 or fewer employees). SIMPLE is an acronym for Savings Incentive Match Plan for Employees. Employers establish a SIMPLE plan by either opening individual retirement accounts (SIMPLE-IRAs) or 401(k)-type accounts for each eligible employee. For 2013, you may contribute up to $12,000 to your SIMPLE-IRA. If you are age 50 or older, you may contribute an additional $2,500, or a total of $14,500.
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