Traditional and Roth IRAs
Max contribution $6k or $7k for those 50 or over.
Best for individuals with modest ability to save for retirement.
SIMPLE IRA
Max contribution $13,500 or $16,500 for those 50 or older.
Best for Midsize businesses with up to 100 employees
SEP IRA
Max contribution $58k
Best for business owners with few or no employees
Solo 401(k)
Max contribution $58k
Best for self-employed business owners with no employees other than a spouse.
Defined-Benefit Plan
Max contribution $100 to $230k (depending on age and compensation history).
Best for self-employed business owners with great cash flow that want to contribute more than $60k to their retirement accounts.
