Are you a newly minted independent contractor? If you got self-employment income from a side gig or your own business in 2016, it’s not too late to divert some of it into retirement savings and get a tax break, even if you don’t have the cash on hand. The solution: a SEP-IRA. A self-employed 50-year-old netting $100,000 could put away $20,000 in a SEP-IRA. “Many clients are unaware of the SEP, but they want to do it when I tell them about it,” says Stephen DeFillippis, an enrolled agent and financial planner in Wheaton, Ill. One growing client base opening SEPs: workers whose companies shift their status from full-time employee to independent contractor. You might not have a 401(k) any more, but you should still be saving for retirement.