Hello,
I have been looking at setting up an IRA using the Vanguard target retirement funds. I am self-employed, sole proprietor with all my income from 1099s. As I looked around, I noticed SEP-IRA and Solo 401k options. From what I can figure out, the main difference would be that my contributions to a standard IRA (say, the Vanguard Roth one) are capped at 5,500- while it appears I could contribute more to the other two options. Is that correct? Right now, I will not be able to contribute more that 5,500- anyway, so is there any other advantage I am missing? If I am only going to put 3 or 4k into whatever account I set up (and likely won't want to contribute more than 5k in any future years either), is a regular target fund IRA my easiest option?
Thanks!