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When I consulted out of my home, I set up a SIMPLE IRA at Vanguard and contributed the max (plus "employer matching") each year. The max used to be $6k/year, but the new tax laws have raised that limit.

Vanguard stepped me through the setup and it was relatively painless. In addition, I got to deduct my contributions from my income when I did my taxes.

I still contributed the maximum to a ROTH IRA at the same time.

I'm not consulting anymore, but the SIMPLE IRA account still exists. I just can't contribute to it right now.

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