Options for Self-Employed Individuals to Invest for Retirement

Self-employed individuals without access to employer-sponsored retirement plans can consider investing through Roth IRAs. However, once Roth IRAs are maxed out, they may explore other options like traditional IRAs. For self-employed individuals, solo 401(k)s and SEP IRAs are powerful retirement plan options. However, solo 401(k)s need to be managed carefully to avoid penalties, and traditional 401(k)s can be considered if the business grows and more employees are added.