If you have a side gig or you operate your own business, you should open a Simplified Employee Pension IRA (SEP-IRA), which offers similar tax advantages. You can contribute 25 percent of your self-employment income to your SEP-IRA, up to a high limit that in 2015 totaled $53,000.707 ↱
The Index Card
Why Personal Finance Doesn't Have to Be Complicated
Helaine Olen, Harold Pollack