Retirement plans for the self-employed range from the good to the outrageously good, and can allow you to save much more than you ever could with a traditional employer plan. A well-chosen retirement plan can allow entrepreneurs and the self-employed to bankroll a bright retirement.

The self-employed have several plan options, including defined contribution plans such as a solo 401(k), SEP IRA and SIMPLE IRA. But they also have some defined benefit options, too.

Here are the details on some of the best retirement plans, how much you can sock away and which plan may be best for you.

Retirement accounts for the self-employed

One of the downsides of being self-employed is that you don’t automatically get the perks offered by many employers, such as a 401(k) plan with a company match on your contributions. But in some regards, self-employed retirement plans can vastly exceed those regular options.

Here are three of the most popular defined contribution plans and who could find them useful.

Solo 401(k)

The solo 401(k) gives you Schwab are good choices – and you won’t pay extra fees.

With a solo 401(k), you can make an employee contribution – up to $20,500 in 2022 – as well as an employer contribution up to 25 percent of your company’s profits, up to a total deposit of $61,000 between the two. Those aged 50 and older can add an additional $6,500 as a catch-up contribution.

As you can see, you can quickly go above where a company’s 401(k) plan usually tops out.

Who it may be best for: One-person businesses or those with one person and a spouse. May work well for those with a side gig (see below) as well as those earning a lot of money.