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These contributions will grow tax-deferred.


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You'll also get a break if your tax bracket for withdrawals is lower than when you contributed. * SIMPLE (or SIMPLE IRA OR SIMPLE 401(K)) (defined tax-deductible contribution, profit sharing) contribute to $11,500 ($14,000 if over 50) * Sole 401(k) (defined, tax-deductible and profit sharing plan) contribute lesser of $49,000 or 20% of self-employment income, and up to $16,000 ($22,000 if over 50) of contribution) * Keogh (Defined benefit plan/before-tax contribution) lesser of $195,000 or 100% of 3-yr average compensation) Of course you need the business income to support the contributions. * How much can I contribute? But earnings grow truly tax free (not just tax-deferred) and your withdrawals are tax free, too. These contributions will grow tax-deferred. You can save a lot this way in relatively few years - but you have to have a high business income to do so. Since your contributing to achieve a guaranteed 'pension' income, you're allowed to make rather high tax-deductible annual contributions to the plan.
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