Saving For Retirement Without A 401K

"In a Traditional IRA, contributions may be tax-deductible and earnings grow tax-deferred. Withdraw funds penalty-free after the age of 59 and a half but pay ordinary income taxes. In a Roth IRA, there is no upfront tax deduction, earnings grow tax-free, and withdrawals are tax-free after the age of 59 and a half. For someone that is self-employed, a SEP IRA can give more than a Traditional or a Roth IRA and allows for higher annual contribution limits," says Carrie Schwab-Pomerantz.