Finding Info on Retirement Plans

Since I am primarily self-employed (I will occassionaly work a part-time job if funds get low but the bulk of my income comes from my business) I needed to find info on retirement plans for the self-employed. Here’s what I found so far:

What To Do If You Are Self-Employed

Many people today work for themselves, either fulltime or in addition to their regular job. They have several tax-deferred options from which to choose.

SEP. This is the same type of SEP described earlier under employer-based retirement plans. Only here, you’re the employer and you fund the SEP from your earnings. You can easily set up a SEP through a bank, mutual fund, or other financial institution.

Keogh. Keoghs are more complicated to set up and maintain, but they offer more advantages than a SEP For one thing, they come in several varieties. Some of the varieties allow you to sock away more money sometimes a lot more money-than a SEP

SIMPLE IRA. Described earlier under employer-based retirement plans, a SIMPLE IRA can be used by the self-employed. However, generally you can’t save as much as you can with a SEP or Keogh.

IRA. Usually you are better off funding a SEP or a Keogh unless your self-employment income is small.

Annuities. See annuities under the section on “What to Do if You Can’t Join an Employer-Based Plan”.
http://www.pueblo.gsa.gov/cic_text/money/save-fit/save-fit12.htm

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