• Roth IRA – Simple to create and administer. Its big advantage is the ability for tax-free earnings. The downside is that you don’t get a tax deduction when making contributions. Your respective tax brackets today and at retirement will help you decide if a Roth is for you.

• Solo 401(k) – You may be able to make larger contributions at the same income level compared to other plans, maximizing retirement contributions and tax deductions. It is great for sole proprietors and business owners with no employees, other than a spouse. It offers tax-exempt loan possibilities.

• Lifetime Savings Account (LSA) – At this time LSAs are only a pending legislative proposal. If passed, you could contribute up to $5,000 a year and withdraw money without penalty. Contributions are taxed, but withdrawals are tax free. There would be no limits on withdrawals. LSAs would be simple to set up and use with no complex regulations.

• Keogh Plan – Complicated and relatively expensive to set up and administer. Tax deductible contributions up to 25 percent of self-employment income, not to exceed $42,000. Withdrawals are taxed. A disadvantage is the paperwork and reporting requirements, which are greater than for SEP-IRAs and SIMPLE-IRAs. An annual report must be filed, and costs are relatively high.

• SEP-IRA – Easy to administer. Contribution limits match that of Keoghs, without the paperwork or administrative costs. Withdraw any time (a 10-percent penalty before age 59½). Tax-deductible contributions are flexible and can be up to 25 percent of self-employed compensation, up to $42,000. Withdrawals are taxable. A good plan for the self-employed with few employees.

• SIMPLE-IRA – Designed for 100 or fewer employees. Employees may make contributions. Easy administration.

Tip: The self-employed may contribute to a SEP-IRA or Keogh and then also contribute to a Roth IRA in the same year. The combined savings allow you to sock away more money for retirement.