If you’re self-employed or own your own business, the thought of saving for retirement can seem almost overwhelming at times. Most likely, you’ve at least set up a Traditional or Roth IRA, which is a good start. A Roth IRA can be particularly appetizing as it’s really the only option available that allows you to pay taxes as you put money in as compared to taking the tax hit when you withdraw money, which is the case with traditional IRAs. However, you might not be aware that there are other options for saving for retirement as a self-employed worker aside from the wildly popular IRA options. A SEP IRA is another retirement saving vehicle available to self-employed workers. These plans are fairly easy to adopt/implement and offer a lot of flexibility as contributions do not need to be made annually and the amount contributed can vary. Just like with other IRAs, there are income limitations and contribution limits as well. IT should also be noted, that SEP IRAs only allow employer contributions. SIMPLE IRAs are another option for the self-employed. There are limits on what business can adopt these plans (need to have less than 100 employees the previous year), but the advantage is that these plans allow salary deferrals and there are limits on the size of the deferral. These plans also require an annual employer contribution in the form of either a dollar-for-dollar matching contribution or a 2% non-elective contribution. Lastly, you can also setup a solo 401(k), which despite being setup by you as the business owner, is still subject to many of the normal 401(k) limits and rules. Now, the question is which plan is right for you as a self-employed? While I can’t solve that for you, I can suggest that you take into account things such as contribution limits, how easy the plan is to administer, and whether it fits properly into your retirement savings plans and goals. A good financial advisor or wealth manager should be able to provide some help/guidance with these questions, so you may want to reach out to them with any questions.