If you are self employed and contribute to a SEP-IRA retirement account , please read on.......
$58k is the annual SEP-IRA contribution limit for 2021. But the amount contributed can't be more than 20% of your net self employment income. For example, if your net is $100k, then your maximum SEP-IRA contribution would be $20k.
If you are in the position to contribute more than the 20% max, then you should consider a 401k. 401k Contribution limits are almost always more than SEP-IRA and not limited by 20%.
A 401k plan must be set up (not funded) before December 31.
If you need more information about these plans, let us know.