What are the best retirement plans for the self-employed?

The self-employed have several plan options, including defined contribution plans such as a solo 401 (k), SEP IRA and SIMPLE IRA. But they also have some defined benefit options, too. Here are the details on some of the best retirement plans for the self-employed, how much you can sock away and which plan may be best for you.

Which 401(k) is best for self-employed people?

Such plans include solo 401 (k)s, SIMPLE IRAs, SEP IRAs and Keogh plans. One of the most popular retirement plans for self-employed people is called a solo 401 (k). The IRS actually refers to these as one-participant 401 (k)s, though.

Can a Self-Employed 401(k) be a good retirement plan?

A well-chosen retirement plan can allow entrepreneurs and the self-employed to bankroll a bright retirement. The self-employed have several plan options, including defined contribution plans such as a solo 401 (k), SEP IRA and SIMPLE IRA. But they also have some defined benefit options, too.