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Reply to "What kind of retirement plan is right for me?"
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[quote=Anonymous][quote=Anonymous]ISTR that a SEP IRA was less paperwork with almost as high a contribution limit, fwiw.[/quote] They both have the same max (51k), so it's even if you make 250k, but if you are below that and want to save more the 401k is the way to go. If we use 40k in self employment profit - The SEP-IRA is strictly % profit - so OP could put away 8k with a SEP-IRA. 401k allows salary deferral + % profits, for a total of 22k saved (17.5k + 4,500). The ability to defer tax on an extra 14k is worth the extra form that you don't even have to send in until you have 250k in the plan.[/quote]
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