That depends mostly on how much you make and how much you want to save.
Is your self-employment income less than roughly a quarter million? You can probably put more into the solo 401(k) -- a retirement plan for a one-person business -- says Adam Bergman, a tax attorney at IRA Financial Group in New York City.
Your contributions to a simplified employee pension IRA, also used at small firms, are capped at 20% of income after a reduction for self-employment taxes; with a solo 401(k), you can sock away up to $17,500 more. Either way, your 2013 limit is $51,000 or, if you're 50 or older, $56,500 in a solo 401(k).
|Net income||Annual contribution limit: SEP-IRA||Annual contribution limit: Solo 401(k)|
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|30 yr fixed||4.48%||4.38%|
|15 yr fixed||3.49%||3.42%|
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|15 yr refi||3.48%||3.41%|
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