SEP IRA
If you're self-employed—even if you work only part-time—set up a SEP IRA (Simplified Employer Pension Individual Retirement Account). It will form the foundation of your retirement wealth.
  • Setting up a SEP takes less than 10 minutes and a minimum of paperwork. Just ask your broker how.
  • You can contribute 25%* of your earnings every year and best of all, it's sheltered from taxes while it grows
  • Read more about SEPs here

* Well, 19% for most people. The SEP contribution limit for the self-employed is effectively 18.587% of net profit, because net profit is reduced first by the SEP contribution itself and second by FICA tax. But 19% is still a good chunk of your income.

SEP-IRAs are easy to set up, require a minimum or paperwork to maintain, let you shelter a vast amount of your income from taxes, and are vital for every self-employed person
For some reason, this page has been visited times. © thattherepaul