Retirement plans for the self-employed range from the good to the outrageously good, and can allow you to save much more than you ever could with a traditional employer. A well-chosen retirement plan can allow entrepreneurs and the self-employed to bankroll a bright retirement.

The self-employed have several plan options, including defined contribution plans such as a solo 401(k), SEP IRA and SIMPLE IRA. But they also have some defined benefit options, too.

Here are the details on some of the best retirement plans, how much you can sock away and which plan may be best for you.

Three popular plans for the self-employed
One of the downsides of being self-employed is that you don’t automatically get the perks offered by many employers, such as a 401(k) plan with a company match on your contributions. But in some regards, self-employed retirement plans can vastly exceed those regular options.

Here are three of the most popular defined contribution plans and who could find them useful.

Solo 401(k)

The solo 401(k) gives you all the advantages of a company 401(k) plan and then gives you even more benefits. You can select traditional or Roth 401(k) options, meaning you’ll get the ability to contribute before tax or after tax. You can invest in virtually any asset class, too. Pick a broker that offers a free solo 401(k) – including Fidelity and Schwab – and you won’t pay extra fees.

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