I work as a sole proprietor/independent contractor so no company-wide 401k options. I'm looking to shelter all my income for this year, and since it's my first year in business I don't anticipate I will make much... will probably make around $25k, hoping more for $40k though.
Anyway, I already maxed my Roth, will be maxing my HSA, and thinking next should be Roth Solo 401k. I anticipate my income will go up next year and the years following, so that is when I'll starting doing traditional solo 401k contributions.
Is my thinking correct? Is there anything I'm missing? I spoke with a Vanguard rep a few weeks ago and he kept talking to me about doing a SEP instead but I couldn't quite understand why and the way he was explaining it wasn't clear so I decided to file it away and re-visit at a later time.