这是我现在最关心的两项了. :) 多为退休存钱. 多多省税.

NEW YORK (CNN/Money) - I contribute the max to the 401(k) at my job. I also have self-employment income, however, and was wondering if I can shelter more money from taxes by using a SEP-IRA. Can I have a 401(K) and a SEP-IRA?

-- Chuck, Latham, New York

I like the way you think -- socking away the max to your 401(k) and looking for yet other ways to save on a tax-advantaged basis. I wish more people had this sort of aggressive attitude about finding more ways to save.

The answer to your question is a resounding Yes! In fact, not only can you contribute to a SEP-IRA if you already participate in your employer's 401(k) plan. I think it's a great way to boost the size of your nest egg and thus help insure a more comfy retirement after you call it a career.

HOW IT WORKS

Here's the deal. For the money you earn on the job where you are a company employee, the rules for 401(k) plans determine how much you can sock away. In that case, you can contribute the lesser of either the maximum amount the government allows ($14,000 this year, $15,000 in 2006 after which the max is adjusted for inflation in $500 increments) or the maximum that your company's 401(k) rules allow based on the percentage of salary you can kick in.

So, for example, if you earn, say, $40,000 and your company allows you to contribute as much as 25 percent of salary, your max would be $10,000. If, on the other hand, your salary were $80,000, your max would be $14,000 this year, not 20 percent of your salary, or $20,000. If you're 50 or older, you can also throw in "catch up" contributions, or as much as an extra $4,000 this year and $5,000 the next (the catch-up maximum is also adjusted for inflation).

But your self-employment income represents a separate pool of money from which you can contribute toward your retirement. And a SEP-IRA, a retirement savings plan that covers small businesses, their employees and self-employed individuals, is an excellent vehicle for socking away a portion of your self-employment income.

As a self-employed person, you can set up your own SEP-IRA at virtually any brokerage, mutual fund or other investment firm and then contribute up to 20 percent of income (which is your self-employment income after deducting expenses but before deducting the SEP-IRA contribution itself) or $42,000, whichever is smaller. You deduct the amount of the contribution from your gross self-employment income and, as with a 401(k), you pay no tax on that contribution and its investment earnings until you withdraw the money, preferably at retirement.

By doing both the 401(k) and the SEP-IRA, you can really supersize your retirement nest egg.

Let's say, for example, you earn $50,000 a year at your regular gig, your employer's plan allows you to contribute 20 percent and you do the max, or $10,000 a year. Assuming an 8 percent annual return, you'd be sitting on a balance of about $156,000 after 20 years. Not bad.

But if you were also able to generate enough self-employment income to allow you to contribute, say, another $5,000 a year to your SEP-IRA, you would have an additional pot of dough worth $78,000 or so after 20 years, giving you a total of $234,000, or 50 percent more than the 401(k) alone.

Actually, this example may understate how much you would end up with since, for simplicity's sake, I haven't factored in increases in your salary or self-employment income, both of which could mean higher annual contributions.

The real lesson here, of course, is that we should all be trying to take advantage of every opportunity we can to save for retirement. A 401(k) is an incredibly convenient way to save. But for many of us a 401(k) alone just won't do it. We get started too late. Or we don't contribute the max for enough years. Or our employer has a lousy match. Or whatever.

So when the opportunity arises, whether it's a SEP-IRA for self-employment income, or contributing to a regular IRA or Roth IRA in addition to a 401(k) -- assuming you meet the eligibility requirements for IRAs -- or doing a 401(k), SEP-IRA and a regular or Roth IRA, we should take advantage of it.

For that matter, if you max out all these options (or aren't eligible for them) and still have savings, you can invest outside such plans. Granted, you won't get the same tax advantages. But there are investments such as tax-managed funds that can at least reduce the tax bite.

Besides, ultimately, your goal isn't to avoid taxes, it's to make sure you invest enough today so you can live comfortably when you retire.