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How to Plan for Retirement if You Work for Yourself

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Traditional and Roth IRAs are popular. Choose one based on your income and tax bracket.

A solo 401(k) is an option if you have no employees other than your spouse. Contribution limits are much higher than they are for an IRA.

SEP IRA contributions are tax-deductible, and distributions are taxed. If you have employees, you must contribute the same percentage of everyone’s salary to a plan.

A SIMPLE IRA is for businesses with up to 100 employees. Contributions to your account and to your employees’ are tax-deductible.

A defined benefit plan can help you maximize savings if you have few or no employees.

Discuss your options with your financial advisor.