A little background:
I am a freelancer, but much of my income is reported on W-2's. Since I'm a part time employee at a bunch of different places, I don't have a retirement account through any of my employers. I do have a Roth IRA which I have maxed out the past 3 years. I also have some work that is 1099, but in years past my overall income has not been high enough for me to be able to consider putting away more than the $5500 in my Roth IRA.
This year I have a bit more 1099 income and am considering opening a Solo 401(k) or a SEP IRA. I could maybe invest $1500-$2000 for 2014 in this new account (in addition to maxing out my Roth IRA). My Roth is with Vanguard and is 100% VTSMX.
Questions:
1. With a Solo 401(k) or SEP IRA, could I only invest a percentage of the income earned through 1099 work?
2. I'm pretty comfortable being all in stocks. I'm 33 and plan on holding them for a while. Does it make sense to invest in VTSMX in the new acct also? Or should I consider investing in a different fund?
I hope this makes sense! Please ask questions if you need more info.
Thanks!
RK