Retirement Planning for the Self-Employed: 5 Options for Lowering Taxes and Maximizing Saving

Being your own boss has its perks, and those include special retirement savings possibilities, such as SIMPLE IRAs, SEP IRAs and Solo 401(k)s.

A nest with three gold eggs in it.
(Image credit: Getty Images)

Choosing the right retirement plan can be confusing and overwhelming. Multiple options are available, which is a good thing, but understanding their attributes and intricacies takes time. Additionally, there are frequent updates and changes made by the IRS, such as the CARES Act in 2020 and SECURE Act in 2019, that change the landscape. The good news is that these plans allow self-employed individuals (including small-business owners) to put away far more money than they can with a traditional corporate 401(k) plan. These plans also can be simple to establish and maintain.

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The views expressed in this commentary are subject to change based on market and other conditions. All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such. For additional information, please visit


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Andy Leung, Private Wealth Adviser
Vice President, Procyon Partners

Andy Leung is a vice president and private wealth adviser at Procyon Partners, an independent RIA in Shelton, CT. With more than 20 years of experience serving institutional clients for UBS Investment Bank, Andy has extensive knowledge of the global markets. Additionally, as a franchisee of a boutique fitness operation, Andy has an acute understanding of the financial issues and challenges associated with franchising and small business ownership.