I would like to see a new product offered that is a combination of those currently available: 401k, IRA, and SEP-IRA combined.

Right now, I can open or contribute to an IRA with $4,000 (another $1,000 if older than 50) for 2007.

Or, I can start or contribute to a 401k with $15,500 (another $5,000 if older than 50) for 2007.

But, if I am self-employed, I can open or contribute to a SEP-IRA with 25% of my self-employment income up to $45,000 for 2007.

It sure would be nice to open an account wherein I could contribute up to 25% of my income.
-- Whether self- or otherwise employed,
-- Age 18 and up
-- With no participation eligiblity gaps due to employment issues (like the OP mentioned) because participation would be based on income dollars and not dates of employment.

GV1965

IRS.gov
FAQ 17.2 Rollover IRA http://www.irs.gov/faqs/faq17-2.html
FAQ 17.3 Roth IRA http://www.irs.gov/faqs/faq17-3.html
FAQ 17.4 Traditional IRA http://www.irs.gov/faqs/faq-kw198.html
FAQ 401k http://www.irs.gov/faqs/faq-kw7.html
FAQ SEP-IRA http://www.irs.gov/retirement/article/0,,id=111419,00.html