If you are self-employed you have several options:  Contribute to your existing Rollover IRA or Traditional IRA to make it simple.  If you want to go beyond the $5,500 limit on the IRA, establish the SEP-IRA and if you or your spouse have a business look at a Solo 401k.

An SEP (Simplified Employee Pension) IRA is a type of traditional IRA any small business owner with one or more employees, or anyone with freelance income, can open. A Self-Employed 401(k), often referred to as a “Solo 401(k)”, can receive the same tax benefits as a general 401(k) plan, but without the employer being subject to the complexities of ERISA (Employee Retirement Income Security Act of 1974).

The first difference to be noted between the two is that the 401(k) allows you to contribute an additional $17,500 above the SEP-IRA. They both top out at 25 percent (20 percent for sole proprietors). This may well be all the difference you need depending on your salary due to the fact you can save more by utilizing the 401(k).

SEP-IRAs are lower maintenance. They are extremely easy to open and can be done so online in just a few minutes. There is also much less paperwork involved with SEP-IRAs.

Courtesy of financialbuzz.com