For the self-employed, there are several options for savings on both retirement and on taxes through SEP, SIMPLE and Solo-401(k) plans. Deciding on a plan can be difficult as there are some significant differences in everything from set up to maximum contributions.
To give you a bigger picture of the differences in these plans, I've created a quick reference chart to compare their attributes. If you have questions, it is always best to make an appointment with your financial advisor to review any retirement accounts you already have in place and the process for creating new plans. Also, meet with us early to help you determine your contribution limits.
If you don't have a financial advisor, we are happy to provide referrals!
Click for Quick reference chart to SE Retirement Plans