The SEP IRA (or Simplified Employee Pension IRA) allows you, the self-employed individual, to setup a retirement account.

The SEP IRA (or Simplified Employee Pension IRA) allows you, the self-employed individual, to setup a retirement account which takes advantage of the fact that you are acting as both an employer and an employee. This distinction allows you to save far greater amounts for retirement (up to $57k in 2020) vs. a traditional IRA (up to $6k in 2020). There are other benefits and caveats that we can discuss with you, but SEPs are a great benefit available to self-employed workers.