Money: A 401(k) Just for You

Self-employed? Here's how to park big savings in a personal retirement plan

Roger Howard, a Charlotte, N.C., service maintenance manager, had worked for the same firm for 23 years and steadily contributed to his company's 401(k) plan. When he started his own business this summer, he wondered how he could continue to stash away significant retirement savings. Howard discovered that he could set up his own 401(k)--a Solo 401(k), also called the single-owner 401(k)--enabling him to put away more money than almost any other retirement plan available to the self-employed.

With the stock market picking up steam, many workers might want to put more of their income into a retirement savings plan. The...

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