Self-Employed Retirement Plan Options



As a self-employed individual, planning for retirement may seem like a daunting task.​ Without the traditional benefits and pensions offered by employers, it’s essential to understand the different retirement plans available to you.​ In this article, we will explore the various self-employed retirement plan options and help you make an informed decision about the best one for your financial future.​

1.​ Simplified Employee Pension Plan (SEP IRA)

The Simplified Employee Pension Plan (SEP IRA) is a retirement plan specifically designed for self-employed individuals and small business owners.​ With a SEP IRA, you can contribute up to 25% of your net self-employment income٫ or a maximum of $58٫000 (2021 limits)٫ whichever is less.​ Contributions are tax-deductible and grow tax-free until you withdraw during retirement.​

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