If you are self-employed, you can also consider a SEP-IRA, which has similar limits. The only downside is it is only available in traditional flavor, no Roth. You can roll it to a traditional IRA and then do a Roth conversion though.
I initially had a SEP IRA for my consulting income, but the Solo 401(k) figured out to much higher contribution amounts for my circumstances at the time, so I moved.
I've heard mixed things about doing backdoor Roth from SEP IRA.
Comments
If you are self-employed, you can also consider a SEP-IRA, which has similar limits. The only downside is it is only available in traditional flavor, no Roth. You can roll it to a traditional IRA and then do a Roth conversion though.
I initially had a SEP IRA for my consulting income, but the Solo 401(k) figured out to much higher contribution amounts for my circumstances at the time, so I moved.
I've heard mixed things about doing backdoor Roth from SEP IRA.