Even if we are not of the normal work force?

See link...

I will read this at the nail salon while I get my pedicure  💋

look into a Roth IRA it would be your best bet...
 

If you want to set up a SEP401k or an IRA (I think you get set aside a lot more of your income with a SEP) you should consult with a certified accountant and/or tax lawyer.  You need to make sure its done right otherwise IRS might be showing up at your door with an audit.

client that know what he is doing to cut costs....great service for a great return on investment.

..Individual Retirement Account...with one of many institutions. The maximum yearly contribution is $5,500. $6,500 if you are over 50.

I appreciate your help very much  

Yes, you can set up a 401 K as a self employed person. Whether or not it's the best way for you to go is an entirely different matter.

I'm self-employed, with a personal LLC, and I have a SEP through one of the big fund companies. Contribution limits are based on a combination of age and (reported) net income. Contributions are tax deductible.  You could talk to Fidelity, Vanguard or such and they could set it up, perhaps even in time to get a deduction for 2015 tax year.  

I would love to suck his dick  😊

The average return on investment of IRA or 401k is about 5%.  If you are young the best bet is instead to save up and by a house with enough down payment/equity to avoid having to buy mortgage insurance -- which is just throwing money away

All set with that  but thanks anyway.  I want no part of paying out of my ass for plumbers,  landscapers et cetera  nooooo thank you

How do you think we pay for this hobby, anyway? Oh well, someone else bought the house and "we" will make sure it works right on their nickel, instead of yours.

But PLEASE remember that these accounts have limitations and also requires you only to use them for a percentage of your CLAIMED income.  So don't think you can claim a $20K income but contribute $30K to a SEP-IRA, because you can't.    (For 2016 the max you can contribute to a SEP-IRA is the lesser of 25% of your income OR something more than $52K ($53K, I think) this year, theoretically.  BUT, a SEP-IRA requires W2 income, not 1099 income, so that would be another expense for you.... If you have an LLC, a 401k might be a better option -- but the max you can contribute in 2016 is $18K, and 2/3rd of that ($12K) if it is a Simple-IRA.)

I've seen recommendations from people whose knowledge of investment I respect and they recommend index funds and Vanguard.

And now my landlord pays them   you didn't make me feel bad   nice reach though tyvm

I need face time with a sketchy cpa  or phone at least  lol  I can whip you up a  beautiful Coq au Vin  and give you the best blow job you've ever had.  But,  this just isn't what I do so I need real life help.  I do appreciate your knowledge though and I get it just not sure how to do it.