1017. If you think that you must have a cushy job to access a retirement plan, you’re mistaken. There are excellent retirement accounts for the self-employed or those running a small business. Laura reviews the rules, pros, and cons of different retirement plans you might choose based on your income, business size, and financial goals.

Key Takeaways:

• Whether your employer doesn’t offer a retirement plan or you’re self-employed, you can save for retirement using one or more tax-advantaged accounts.
• Anyone with earned income qualifies for a traditional IRA, making it an excellent option for investing on a pre-tax basis.
• If you have earned income that’s less than an annual threshold, you qualify for a Roth IRA, which gives you tax-free income in retirement.
• If you have income from a business with no employees, other than a spouse, you qualify for a solo 401(k), which offers the highest contribution limits.
• If you have income from a business with or without employees, you qualify for a SEP-IRA.

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