There are now about 20 million self employed in the US. Jimmy Atkinson has a summary of common retirement options based on the 2007 tax code for those of you who are among that growing group of entrepreneurs at his blog Ask the Advisor. Remember that self employment also means “self retirement” for the most part.
Dr Jeff Cornwall
Co-founder of The Entrepreneurial Mind, serial entrepreneur and professor of entrepreneurship.
It is great that you brought up the issue of retirement. It is something I never thought of. A lot of Americans aren’t even utilizing their employee sponsored retirement plans. I wonder what percentage of entrepreneurs are investing in these types of plans?
I also found this website which shows highlighted information in a chart which I find a little easier to read: http://www.smartmoney.com/retirement/ira/index.cfm?story=taxfree