Have you thought about a self directed 401k plan for your retirement savings? This plan is highly favored by many self-employed sole proprietors thanks to the generous contribution allowances.  The individual sole proprietor may contribute up to $44,000 annually , and features a catch-up exception for those over 50 years old, allowing them to invest an additional $5000 per year. For seniors, that is a huge benefit, allowing them to accumulate $49,000 in assets within their self directed 401k even in their first year of enrollment. A self directed 401k for self employed people also allows the owner control. The individual serves as their own investment manager and has a wider range of investment options.  They can select the traditional investment offerings of stocks, bonds, mutual funds and options, or may decide to investigate other opportunities including real estate investment property, mortgages and deeds of trust, tax lien certificates, promissory notes and private stock offerings, limited partnerships and limited liability companies, and other allowable investments. For liability protection, a solo self directed 401k can be formed as a limited liabilitycompany . Choose carefully when selecting the custodian for your plan. You will be paired with the custodian so should look for a company that is responsible and service-oriented, that has an appropriate fee structure you understand , and offers ongoing investment education as a service for their clients. All custodians charge fees for maintenance of the self directed 401k account, but not all fees are the same , and the level of customer support might vary. Custodians are not allowed to give investment advice.  You might want to speak with a tax accountant or a financial planner before deciding on a self directed 401k. For the individual who is familiar and has an understanding of the investment options available in this type of plan, being in control can minimize the risk and increase the potential for investment growth in the self directed 401k.