If you’ve recently transitioned from employee to self-employed, then you may be wondering how you save for retirement. Money Magazine’s Walter Updegrave describes how the self-employed can sock away savings for their future, including a SEP IRA and an Individual 401K. One of the perks of an individual 401K is that you are treated like an employer and an employee and can save up to an additional $17,000 per year.


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Watch: Retirement plans for the self-employed
The SEP IRA and Individual 401K are two ways that self-employed individuals can save for retirement.