No. of Recommendations: 1
Don't forget also the fact that the IRS and Congress severely restricts your ability to save for retirement if you are a contract employee unless you have the ability to create a SEP.
Yes, contractors can create SEPs, and it is a better saving vehicle than a 401K unless your employer does a crazy high match. You can save up to $50K (limited to 25% of salary) for 2012.
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