The Savings Incentive Match Plans for Employees (SIMPLE plans) contribution limit is scheduled to rise from $9,000 in 2004 to $10,000 in 2005. Participants who are at least 50 years old can contribute another $1,500 in 2004, $2,000 in 2005, and $2,500 in 2006. Thereafter, those upper limits will be followed by inflation adjustments.
However, if you have a SIMPLE plan for a sideline business while you’re in a 401(k)-type plan (such as the federal Thrift Savings Plan) at your day job, the total amount you can put into both plans can’t exceed $13,000 in 2004, or $16,000 if you
