Are you self-employed? Did you know you have many of the same options to save for retirement on a tax-deferred basis as employees participating in company plans?

Here some highlights of your retirement plan options.

Simplified Employee Pension (SEP )

• Contribute as much as 25% of your net earnings from self-employment (not including contributions for yourself), up to $52,000 for 2014 ($53,000 for 2015).

Establish the plan with a simple one-page form:

1. complete
2. Form 5305-SEP. Simplified Employee Pension — Individual Retirement Accounts Contribution Agreement. or
3. an IRS-approved “prototype SEP plan” offered by many mutual funds, banks and other financial institutions, and by plan administration companies; and

1. open a SEP-IRA through a bank or other financial institution.

Set up the SEP plan for a year as late as the due date (including extensions) of your income tax return for that year.

401(k) Plan

• Make salary deferrals up to $17,500 in 2014 and $18,000 in 2015 (plus an additional $5,500 in 2014 and $6,000 in 2015 if you’re 50 or older) either on a pre-tax basis or as designated Roth contributions .
• Contribute up to an additional 25% of your net earnings from self-employment for total contributions of $52,000 for 2014 ($53,000 for 2015), including salary deferrals.
• Tailor your plan to allow access to your account balance through loans and hardship distributions .

A one-participant 401(k) plan is sometimes referred to as a “solo-401(k),” “individual 401(k)” or “uni-401(k).” It is generally the same as other 401(k) plans, but because there are no employees other than your spouse who work for the business, it is exempt from discrimination testing.

Savings Incentive Match Plan for Employees (SIMPLE IRA Plan )

You can put all your net earnings from self-employment in the plan: up to $12,000 in 2014 and $12,500 in 2015 (plus an additional $2,500 in 2014 and $3,000 in 2015 if you’re 50 or older) in salary reduction contributions and either a 2% fixed contribution or a 3% matching contribution.

1. complete
2. Form 5305-SIMPLE. Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) – for Use With a Designated Financial Institution ,
3. Form 5304-SIMPLE. Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) — Not for Use With a Designated Financial Institution. or
4. an IRS-approved “prototype SIMPLE IRA plan” offered by many mutual funds, banks and other financial institutions, and by plan administration companies; and