As a 1099 contractor, you also might consider a  Simplified Employee Pension (SEP) IRA  as a retirement plan option. Contributions to individual accounts under a SEP IRA plan are generally tax-deductible by your business, and you may contribute the lesser of (i) $58,000 for 2021 ($57,000 for 2020 up to your tax filing deadline plus extension, if any), or (ii) 25% of eligible compensation (or, for self-employed individuals, 20% of net earnings from self-employment). However, you might have the opportunity to contribute more to an Individual 401(k), through salary deferrals and employer contributions, than to a SEP IRA, which is eligible for employer contributions only. This is because the contribution limit of 25% of compensation (or, if you are self-employed, 20% of your net earnings from self-employment) only applies to employer contributions, not salary deferrals. Be sure to consult your accountant or tax professional for advice on the contribution level and retirement account type that may be right for you.