Figuring out the most effective way to save for retirement can be confusing for anyone, but for the self-employed, the challenge is often amplified. Without the options that traditional employers provide, freelancers, consultants and other solo entrepreneurs must carve their own path.
For most, the choice boils down to two types of tax-advantaged accounts: the solo 401(k) and the Simplified Employee Pension (SEP) IRA. Here’s the rundown on both plans, including advice on how to decide which is the best fit for you.
