Over the last 3 years I have begun doing consulting/freelance work. I am trying to buckle down on our finances and up our retirement savings. I have a traditional IRA that I contribute but am looking into ways to save additional funds in other retirement accounts for the tax savings. I have been researching Solo 401ks and SEPIRAs. I am wondering what peoples thoughts are on these options, is one better than the other and also want to confirm that as an independent consultant I can indeed open such an account. From my reading on Vanguards site, it seems I can. I don't make a too much of money doing this work, about $20,000 annually.
I am married and have two children. My husband is a public school teacher with a pension. He has access to a 403(b) as well which I'm trying to convince him to look into further.
I feel somewhat clueless about this and really want to improve on my knowledge. I have asked my father, who I thought was pretty savvy about finances but he's not as helpful as I thought so any good resources besides this website that are out there I should be reading or using please point me that way. Things seem a bit more complicated when you earn money that doesn't result in a W2 or a 1099.