A simplified employee pension (SEP) is an individual retirement account (IRA) that an employer or self-employed individual can establish.
A SIMPLE IRA plan (Savings Incentive Match Plan for Employees) allows employees and employers to contribute to traditional IRAs set up for employees.
A solo 401(k) is an individual 401(k) designed for a business owner with no employees.
A 401(k) plan is a company-sponsored retirement account to which employees can contribute income, while employers may match contributions.
A Roth 401(k) is an employer-sponsored retirement savings account that is funded with post-tax money. Withdrawals in retirement are tax-free.
A Traditional 401(k) is an employer-sponsored retirement savings account that is funded with pre-tax money. Withdrawals in retirement are taxable.
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