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Self-employed retirement plans

Question
What are some retirement options for the self-employed? 
Answer
A self-employed person has a number of retirement plan options. These include:

- A SIMPLE plan
- Self Employment Plan (SEP)
- Profit-sharing
- A defined benefit plan
- And of course, the IRA and the Roth IRA

It is possible to have more than one. Each option has its advantages and disadvantages. Consult with your own financial and tax advisors. 
Brain Trust contributor: Author of J.K. Lasser's Small Business Taxes 2007
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