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How do you triple your retirement contributions? If you are self-employed, you can open a Solo K and contribute three times more per year than you can in an IRA.  A Solo K also has no income cap. 

Anyone who is self-employed or a sole proprietor is eligible for a Solo-K. It’s much better than a SEP IRA in that it allows you to put up to $15,500 away ($20,500 if you’re over 50) each year that will grow tax free for life.  It’s an incredible opportunity that only became available in January 2006. If you are self-employed and have a SEP IRA, you should consider rolling into a SOLO-K to take advantage of the after tax contribution limits.

If you are self-employed and have an IRA, but not a pension plan, open one and get started. With a pension plan, you actually get a larger deduction than you would if you were working for a company and contributing to their 401K.

If you are self-employed and maximize your retirement contributions using all the plans that are available to you, you can actually deduct up to $51,000 per year on your tax return.  So you get immediate deduction on your taxes for contributions to your Solo K. You’ll also get a deduction for a SEP IRA. Those are significant deductions that will not only save you money on taxes now, but will allow you to start growing those savings on a tax-deferred basis