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Short Term IRA (Invesment Retirement Accounts)

Acronym for “Savings Incentive Matching Plan for Employees – Individual Retirement Annuities.” It is an employer-provided salary-reduction retirement plan that small employers are qualified to offer to their employees. In this system, the employer matches the contribution of the employee within 3% of the compensation. The employer may also choose to pay a contribution of 2% of wages for every eligible employee. Self-employed individuals can also avail Simple IRA accounts.

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