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Keogh Plan

Full pension plans for self-employed individuals in the United States are called Keogh Plans. Keogh plans also include small businesses of highly paid employees. Self-employed individuals can also set up a 401(k), 401(a) or an HR10 plan. These plans have only one difference for a self-employed person. This difference occurs because the employing company of an individual pays the taxes associated with these plans, whereas a self-employed individual pays them. Because of this, their income is adjusted to account for the addition taxes. Three types of Keoghs are available: money-purchase, defined-benefit, profit sharing. Each is advantageous to an individual depending on their financial standing.

Fast Facts

  • The limit of employees for a small business is 10.
  • To have a Keogh plan is not the same as to have an IRA.

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