The recent economic turmoil has not only lengthened the lines at unemployment offices, it has also added to the ranks of the (at least temporarily) self–employed. Many people who once counted on a regular paycheck from a single employer are now trying to cobble together an income from freelance projects, consulting, and other kinds of odd jobs.

If you find yourself among the suddenly self-employed, it can be a scramble just to make ends meet, let alone save for the future. Believe me, I’ve been there. However, if you reach a point where you have any extra money to tuck away for retirement, there’s a very easy way to do it.

That’s the Simplified Employee Pension or SEP-IRA. With a SEP, you can save as much as 25 percent of your work income, or $49,000, whichever is less. Those contributions are tax-deductible, just as they are with a traditional IRA (though the latter restricts you to smaller maximum contribution).

The rules on SEPs are detailed in IRS Publication 560. The big mutual fund companies also have info on their Web sites—and you can be sure they’d be more than happy to help you set up an account. —Greg Daugherty

Greg writes the “Retirement Guy” column each month in the Consumer Reports Money Adviser newsletter.