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As a 1099 independent contractor, you can set up a Solo 401k plan to save for retirement. The Solo 401k allows you to contribute both as an employee and an employer, potentially increasing your annual contribution limit compared to an IRA. The exact contribution limit depends on your income and can be higher than traditional 401k plans. Additionally, a Solo 401k may offer more flexibility and investment options than an IRA for self-employed individuals.

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